Suzlon Energy Ltd has said that Sun Pharmaceutical Industries Ltd's Chairman Dilip Shanghvi plans to "fully participate" in the company's ₹1,200-crore rights issue.
“It is my intention to fully participate in the rights issue of Suzlon along with subscribing for additional shares. I remain committed to the vision of the Late Tulsi Tanti. I believe in the future of green energy and the long term growth of this sector," Shanghvi said, in the exchange filing.
Rights issue details
The company will issue up to 240 crore partly paid-up shares at ₹5 a share on a rights basis to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders as on October 4.
The issue opens on October 11 and ends on October 20.
Shanghvi’s entry
In 2015, Shanghvi picked up approximately 23 per cent stake in Suzlon for around ₹1,800 crore. According to September data, Shanghvi holds around 11 per cent stake in the wind-turbine maker through family members and several holding companies.
LIC and Power Finance Corporation hold about 1.39 per cent and 1.32 per cent stake respectively in Suzlon. Retail investors own 28.73 per cent stake while high net worth individuals 17.30 per cent stake.
Shares of Suzlon closed ₹7.66, down 0.13 per cent on BSE.