Shareholders of Suzlon Energy on Wednesday approved raising Rs 2,000 crore via the qualified institutional placement (QIP) route. Funds will be used to reduce debt and for working capital and capex needs. Reacting to the development, shares jumped 4.99% to close at Rs 19.56 on the BSE.
The QIP of equity shares of face value Rs 2 each would be of up to Rs 1,500 crore with an option to retain an oversubscription of up to Rs 500 crore. The floor price has been set at Rs 18.44 per equity share. The company may offer a discount of not more than 5% on the floor price.
