Suzlon Energy looks to pare debt by Rs 583.5 crore after rights issue

Suzlon Energy Chief Financial Officer (CFO) Himanshu Mody said on Tuesday that the company would be able to pare its debt by Rs 583.5 crore, if its rights issue worth Rs 1,200 crore, gets fully subscribed. Suzlon’s rights issue opened on Tuesday.

Mody also said that the company was looking to repay its remaining debt in eight years.

“The total debt of the company was Rs 3,200 crore as of June 30, 2022. The proceeds of the rights issue in the first phase would be Rs 583.5 crore assuming full subscription. This will be repaid to lenders. The company will be able to pay the remaining debt in the next eight years,” Mody said in a virtual briefing on Tuesday.