Wind turbine maker Suzlon Group’s Board has approved issuance of equity under the Corporate Debt Restructuring (CDR) scheme.
The company said it will seek shareholder approval for the scheme which will increase the total share base from about Rs 177 crore to Rs 219 crore by April.
As per the approved CDR package, the company would have to issue 78.37 crore shares or compulsorily convertible debentures (CCD) to CDR lenders at Rs 18.51 each up to a maximum of Rs 1,451 crore.
Non-CDR lenders will receive preferential allotment of 12.52 crore equity shares or CCDs also at Rs 18.51 for up to a maximum of Rs 231.7 crore.
Of this, 42 crore shares will be issued in April and the rest in one or more tranches till September 2014, the company statement said.
Promoters will get a preferential allotment of equity or CCDs for a maximum amount of Rs 377 crore, being their obligation under the CDR package.