Big news on Suzlon Energy’s stock, market will keep an eye on the company’s stock tomorrow

Suzlon Energy Share Price: Dilip Shanghvi and Associates have decided to terminate the Shareholders Agreement signed in February 2020. After this decision, there will be movement in the shares of Suzlon Energy Limited on Wednesday.

Suzlon Energy’s investor group has terminated the shareholder agreement of 2020. Dilip Shanghvi & Associates has decided to terminate the Shareholders Agreement signed in February 2020. After this decision, there may be movement in the shares of Suzlon Energy Limited. This move has come at a time when the wind turbine manufacturer has made changes in its business after cutting debt. With the expiry of this agreement, Hiten Timbadia, the nominated director of the investor group on the board of Suzlon, has also resigned with effect from September 26. However, the wind turbine manufacturer has clarified that the termination of the agreement will not affect the company’s operations.

In February 2020, Suzlon’s board had approved the debt restructuring proposal of itself and some identified subsidiaries under the RBI circular of June 2019. Under this agreement, the company had issued up to 100 crore equity shares, up to 4.1 lakh 0.01 percent secured, optional convertible debentures of Rs 1 lakh and up to 50 crore warrants of Rs 1 each.

Equity shares worth ₹1,000 crore approved

The board also approved the issuance of equity shares or equity linked instruments worth Rs 1,000 crore. Those who were allotted shares or instruments of the company include Sanghvi Finance Private Limited, Aditya Medisales Limited and other family members of Dilip Shanghvi. In 2015, Sun Pharma promoters had acquired 23 per cent stake in Suzlon Energy for Rs 1,800 crore. Shanghvi had also expressed his intention to the company’s promoters to fully participate in the rights issue, through which it could raise Rs 1,200 crore in 2022.

shareholding in the company

Suzlon had allotted 10 million shares on preferential basis to the members of the Shanghvi family and the companies owned by them, taking their stake to 23 percent. After that announcement, Suzlon shares increased by 20 percent in the day.

Based on the shareholding pattern of the June quarter, Dilip Shanghvi’s family members and companies held at least 7.4 per cent stake in the company. On Tuesday, Suzlon shares closed at Rs 25.95 with a gain of 1.8 per cent.

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