Suzlon drops rights issue plan

Suzlon Energy Ltd, India’s biggest wind-turbine maker, suspended its plan to raise money by selling shares to existing shareholders after a slump in stock markets across the world. The Indian benchmark share index has fallen 58% this year.In view of the current capital market environment, it has been decided to suspend the rights issue, Suzlon said in a release to the Bombay Stock Exchange(BSE) on Monday.
Suzlon shares turned positive after the announcement, before ending 0.6% lower at Rs46.95 in a Mumbai market that fell 2.2%.Suzlon had struck a deal in September to buy Martifer’s 22.48% stake in Repower for nearly $400 million, which would have taken its holding to 90% by December.Suzlon shares have dropped 88% this year.The move to drop the rights issue won’t hamper the plans of the company, Suzlon said.
"Since the rights issue was planned to further accelerate the original plans of the company, the proposed suspension shall not impact the original plans," the company said.


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