Suzlon Energy says board approved raising funds up to Rs 2,000 cr

Wind energy firm Suzlon Energy Ltd on Friday said its board raising funds up to Rs 2,000 crore, which represents nearly 10% m-cap of the firm.

"Board approved issuance of number of fully paid-up equity shares and / or convertible bonds (CBs), and / or non-convertible debt instruments and / or any other instruments and / or combination of instruments through one or more private offerings or qualified institutions placement and / or
any combination thereof, for an aggregate consideration not exceeding Rs 2,000 crore," said Suzlon in a stock exchange filing.

On Friday, Suzlon's scrip on BSE closed 0.85% higher at Rs 17.8.

 ICICI Securities initiated coverage on Suzlon Energy with a buy call in June end. It assigned a target price of Rs 22 for the renewable energy stock.

Suzlon Energy logged a consolidated net profit of Rs 319.99 crore for the March 2023 quarter led by lower expenses. It posted a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022. Total income from operations fell to Rs 1,699.96 crore in Q4 from Rs 2,478.73 crore a year ago. Total expenses declined to Rs 1,628.39 crore in the March 2023 quarter from Rs 2,511.70 crore a year ago.

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