Suzlon Energy Board to Discuss Capital Raising Proposal on July 7

5 Jul 2023 , 09:41 AM

Suzlon Energy has announced that its board of directors will convene on July 7 to consider a proposal for capital raising. The company intends to raise capital through one or more permissible methods, with details yet to be specified.

In a filing with the Bombay Stock Exchange (BSE), Suzlon Energy informed shareholders about the upcoming board meeting and its agenda. The agenda includes discussions on capital raising and seeking shareholders’ approval if required.

On Tuesday, Suzlon Energy’s stock closed 8.96% higher at Rs 18.37 on the BSE. Over the past month and a half, the company’s share price has been on an uptrend, surging from around Rs 8.20 to Rs 18.37, delivering over 100% returns during this period.

Suzlon Energy’s total income from operations declined to Rs 1,699.96 crore in the quarter, compared to Rs 2,478.73 crore in the corresponding period last year. The company’s expenses decreased to Rs 1,628.39 crore from Rs 2,511.70 crore.

For the full fiscal year 2022-23, Suzlon Energy reported a consolidated net profit of Rs 2,887.29 crore, a significant turnaround from a net loss of Rs 176.55 crore in the previous year (2021-22).

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