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Mumbai, Sept. 25 Suzlon Energy Ltd (SEL) will consider a rights issue of equity shares to raise Rs 1,800 crore. The company’s board is scheduled to meet on Saturday to consider the proposal, according to a communication to the stock exchanges.

The stock closed 7.17 per cent down on the BSE at Rs 182. On the National Stock Exchange, the shares closed 7 per cent down on Thursday at Rs 181.80.

In a separate development, Suzlon Green Power Ltd, announced a commitment of $5 billion in green energy assets over the next five years. The investment will produce 3,500 MW of electricity to nearly 10 million people in India and China, according to a company release.

Suzlon Green Power Ltd is 100-per cent owned by the family of Mr Tulsi Tanti, Chairman and Managing Director of SEL. Of the $5-billion total project value, Suzlon Green Power will provide approximately $1.5 billion in equity.

“Our flagship business Suzlon Energy continues to focus on developing wind power solutions, offering wind turbines to the global market. On the other hand, we now commit to developing and owning green power assets through Suzlon Green Power, which will bring energy where it is needed most. Suzlon Green Power’s business model will offer us an asset-based long term annuity income,” Mr Tanti said in the release.

More Stories on : Rights Issue | Non-conventional Energy | Suzlon Energy Ltd

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