Suzlon Energy jumps ~5% on launch of Rs 2,000 crore QIP

10 Aug 2023 , 12:48 PM

Suzlon Energy shares surged as much as 5% to a day high of Rs 20.45 on NSE in early trade on Thursday after the company’s Board of Directors approved a qualified institutional placement (QIP) for raising up to Rs 2,000 crore.

The QIP will be worth Rs 1,500 crore, with a Rs 500 crore oversubscription option. The issue opened on Wednesday for subscription.

The company said in its filing with the bourses that “The Board’s securities issue committee has decided to launch qualified institutions placement of equity shares up to Rs 1,500 crore, with an option to oversubscription option of up to Rs 500 crore.”

The floor price for the same has been set at Rs 18.44, representing an almost 6% decrease from current levels.

Suzlon is a provider of renewable energy solutions with operations in 17 countries across Europe, Asia, Australia, Africa, and America. It is the first Indian wind energy firm to have installed 20 GW of wind energy worldwide and has a 33% cumulative market share in India.

At around 12.40 PM, Suzlon Energy was trading 4.87% higher at Rs 20.45, against the previous close of Rs 19.50.

For feedback and suggestions, write to us at [e-mail]