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Suzlon Energy, a renewable energy solutions provider, on Wednesday announced that its board has given approval for a qualified institutions placement (QIP) of equity shares worth upto Rs 2,000 crore.
"In this context and in terms of Regulation 30 read with Schedule III(A)(13) of the Listing Regulations, we wish to further inform that the shareholders have approved the resolution proposed by the Company vide Postal Ballot Notice dated 7th July 2023 by requisite majority," the company said in a BSE filing.
The QIP opened on 9 August 2023. In line with this development, Suzlon Energy's board determined a floor price of Rs 18.44 per share for the QIP. The floor price represents the minimum price at which the shares will be issued to qualified institutional buyers.
The Securities Issue Committee, a sub-committee of the board of directors, is set to convene on 14 August 2023 to discuss and approve the final issue price, which may include a discount, if deemed appropriate.
The Suzlon Group is one of the leading renewable energy solutions provider in the world with presence in 17 countries.
Suzlon Energy's consolidated net profit tumbled 95.85% to Rs 100.90 crore in Q1 FY24 as compared with Rs 2,433.33 crore posted in Q1 FY23. Revenue from operations declined 2.18% year on year (YoY) to Rs 1,347.52 crore in the quarter ended 30 June 2023.
Shares of Suzlon Energy rose 5% to settle at Rs 19.56 on 9 August 2023.
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