Suzlon Energy plans to raise up to Rs. 5,000 crore

Wind turbine maker Suzlon Energy will seek shareholders’ approval to raise up to Rs. 5,000 crore through issue of securities.

The proceeds would be utilised to meet the company’s financial requirements, according to a regulatory filing.

Suzlon plans to raise up to Rs. 5,000 crore by way of allotting equity shares, GDRs (Global Depository Receipts), ADRs (American Depository Receipts), FCCBs (Foreign Currency Convertible Bonds) or NCDs (Non Convertible Debentures) with warrants or such other securities.

“Such further issue of such securities would provide a platform to the company to meet to its fund requirements and improve the financial leveraging strength of the company,” the company said in a filing today.

Besides, Suzlon would seek shareholders’ approval for issuance of compulsorily convertible debentures on preferential basis to the promoters “in consideration of conversion of the promoter unsecured loan of Rs. 145 crore”.

The company’s annual general meeting is scheduled for September 20.