Earlier this week, Suzlon Energy said that the company plans to schedule a board meeting to consider and approve raising capital. The board has approved raising funds up to Rs 2,000 crore.

Suzlon Energy, in its exchange filing, said that the board has approved the “issuance of such number of fully paid-up equity shares and/or convertible bonds (CBs), and/or non-convertible debt instruments and/or any other instruments and/or combination of instruments with or without detachable warrants with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise, in registered or bearer form or any combination of the securities, in one or more tranches, denominated in Indian Rupee, through one or more private offerings or qualified institutions placement and/or any combination thereof, for an aggregate consideration not exceeding Rs.2,000 crore,”

The company added that the fundraising will be “by the applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, each as amended, subject to receipt of all necessary approvals, if and to the extent required,”

During the Q4 FY23, Suzlon Energy posted a consolidated net profit of Rs 319.99 crore on lower expenses. The company reported a consolidated net loss of Rs 205.52 crore in the previous year. The total operating income has dipped to Rs 1.699.96 crore in Q4FY23 against the Rs 2,478 crore total income from the previous fiscal year.

Suzlon Energy share prices have been bullish for the last one and a half months, and the energy stock has risen from Rs 8.20 to Rs 18.37 apiece, delivering more than 100% return within this time frame.

On July 7, the shares of Suzlon Energy settled at 1.36% higher at Rs 17.89, compared to the previous close of R17.65 apiece on BSE.