Suzlon Energy Approves Fund Raise Plan of up to Rs 2000 Crore in Power Sector

Rajesh
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Suzlon Energy Ltd, a small cap penny stock operating in the power sector, recently announced its approval of a fund raise plan amounting to Rs 2000 crore. This development has led to a positive market response, with Suzlon Energy shares experiencing an intraday increase of 1.36% on July 7, 2023, reaching Rs 17.89 per share on the Bombay Stock Exchange (BSE). Over the past three months alone, Suzlon Energy stock has delivered a remarkable multibagger return of 119%. Let's delve deeper into the details of this announcement.

Suzlon Energy

Board Approval for Fund Raise Plan:

In accordance with a BSE filing made on July 7, the Board of Directors of Suzlon Energy convened a meeting and approved a fund raise plan of up to Rs 2000 crore. The plan involves the issuance of fully paid-up equity shares, convertible bonds (CBs), non-convertible debt instruments, or other financial instruments, either individually or in combination. These securities will be denominated in Indian Rupee and offered through private placements, qualified institutional placements, or a combination thereof. The approval is subject to compliance with relevant laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013, as amended.

Suzlon Energy Stock Performance & Returns:

As of the latest trading session, Suzlon Energy shares are valued at Rs 17.89 per share on the BSE. The stock's 52-week high and low prices are Rs 18.54 and Rs 5.43 per share, respectively. Suzlon Energy currently holds a market capitalization of Rs 22,194.08 crore. Over various timeframes, the stock has demonstrated impressive returns: 75% in the last 6 months, 193% in the last year, 131% in the last 2 years, and 265% in the last 3 years.

Latest Financial Results:

For the quarter ending March 31, 2023, Suzlon Energy reported a consolidated total income of Rs 1699.96 crore, representing a 16.11% increase compared to the previous quarter's total income of Rs 1464.15 crore. The company's net profit after tax for the same quarter amounted to Rs 319.99 crore.

About Suzlon Energy:

Suzlon Energy, headquartered at Suzlon One Earth in Pune, India, is a renowned renewable energy solutions provider with a global presence. With 20 GW* of wind energy capacity installed across 17 countries, the Suzlon Group leads the industry. It encompasses Suzlon Energy Limited and its subsidiaries.

Disclaimer:

The announcement of the fund raise plan should not be construed as a recommendation to buy, sell, or hold Suzlon Energy stock. No fundamental or technical analysis has been conducted, and the author and Greynium Information Technologies assume no responsibility for any losses incurred. It is advised to seek guidance from a professional advisor before making any investment decisions.

Read Also : Over 60 smallcaps gain up to 41% in market's record sprint.

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