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Shareholders of Suzlon reject proposals to raise Rs 2.9K cr through issuance of equity shares

Similarly, another special resolution to offer, issue and allot equity shares or equity-linked resolution instruments to an extent of Rs 2,000 crore was also declared 'not passed'.


PTI Last Updated at 30 Jul 2018, 18:07 IST India

Renewable energy solution provider Suzlon Energy's shareholders have rejected two separate proposals to raise a total Rs 2,900 crore through issuance of equity shares and debentures.

A majority of public shareholders voted against special resolutions to raise Rs 2,000 crore through an issue of equity shares and Rs 900 crore through non-convertible debentures or non-equity linked instruments, according to a regulatory filing by the company.

"These were only enabling resolutions to facilitate the company to raise funds at an appropriate time should that be required. Presently there are no plans to issue securities / raise funds. This does not impact our fund availability in any way for carrying out smooth business operations," Suzlon said in its reply to PTI.

According to the filing, promoters of the company were not in favor of these two resolutions.

The company at its AGM on July 27 had sought shareholders' approval to issue redeemable non-convertible debentures/non-equity linked instruments in one or more tranches to an extent of Rs 900 crore on a private placement basis for replacement of existing debt.

As many as 65.12 percent votes were in favor of the special resolution and it was declared 'not passed' in the filing. Special resolutions require at least 75 percent of votes in favor to be passed.

Similarly, another special resolution to offer, issue and allot equity shares or equity-linked resolution instruments to an extent of Rs 2,000 crore was also declared 'not passed'. It got 57.51 percent votes in its favor.

However, shareholders approved other listed resolutions including two ordinary resolutions to re-appoint Girish R Tanti and Tulsi R Tanti as directors of the company.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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