Suzlon Energy shares climb 3% on conversion of partly paid-up shares

Shares of Suzlon Energy Ltd, the largest renewable energy solutions provider, climbed 3 per cent in Thursday's trade after the company informed stock exchanges that its board of directors approved conversion of 16,20,352 partly paid-up equity shares of the company, having a face value of Rs 2 each, to fully paid-up equity shares on receipt of first and final Call aggregating to Rs 40,50,880.

Suzlon Energy told exchanges that it was in process of completing necessary formalities for corporate actions and obtaining listing and trading approvals in respect of the converted rights equity shares.

The stock rose 3.17 per cent to hit a high of Rs 28.60 on BSE.

As on date, the paid-up capital of Suzlon Energy is Rs 2,718.85 crore divided into Rs 1357.58 crore fully paid-up equity shares having a face value of Rs 2 each and 3.68 crore partly paid-up equity shares having a face value of Rs 2 each.

Meanwhile, a report by Nuvama Institutional Equities suggests Suzlon Energy, could be a migrant entrant from the MSCI Smallcap index. As per the brokerage, Suzlon Energy could see $193 million in passive inflows if it is migrated to MSCI Global Standard index from MSCI Smallcap index. The global cut-off for the MSCI rejig is October 18-October 30. It is likely that the stocks will be selected in initial few days of cut-off, Nuvama said adding that the changes would be officially announced on November 14. The likely adjustments, if any, will be made on November 30.

Shares of Suzlon Energy have climbed 247 per cent in the last six months. The scrip has recently been added to the long-term additional surveillance measure (ASM) stage IV.

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