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Suzlon Energy has allotted over 18.47 crore shares of face value of Rs 2 each upon conversion of 203 compulsorily convertible debentures (CCDs) of face value of Rs 1 crore each, to its promoters.
The preferential allotment post conversion of 100 CCDs is in consideration of conversion of the promoters’ unsecured loan of Rs 100 crore. These shares of over 9.09 crore have a lock-in-period of three years.
The remaining 103 CCDs is for the promoter contribution of Rs 103 crore brought in according to the terms of the corporate debt restructuring package. These shares, totalling over 9.37 crore, have a lock-in-period of one year.
On Monday, Suzlon shares closed 4.93 per cent higher at Rs 11.29 on the BSE.
The Securities Issue Committee of Suzlon board approved of the allotment on Monday.
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