Wind turbine maker Suzlon Energy Ltd will allot over 3.58 lakh shares to bondholders upon conversion of some bonds due in July 2019.
Suzlon Energy Limited, is a wind turbine supplier based in Pune, India. Suzlon is a vertically integrated wind power company. Suzlon makes and installs wind turbines. The company manufactures blades, generators, panels, and towers in-house and large or offshore turbines through its subsidiary Senvion.
The allotment was approved by the securities issue committee of the company’s board of directors during its meeting.
Post-allotment, the company’s paid-up capital stands at over Rs 997.9 crore.
A little more than 3.58 lakh shares equity shares have been allotted upon conversion of 92 step-up convertible bonds worth $1,000 each at a conversion price of Rs 15.46 per share.
Formerly ranked as the world’s fifth largest supplier, Suzlon was since dropped out of the top ten as of 2014. The company has over 24,200 MW of wind energy capacity installed globally, with operations across over 30 countries and a workforce of over 10,000.