Nearly 1.8 times subscription garnered for Rs 1,200-crore rights issue of Suzlon Energy. The rights offer received bids for 4.24 billion shares compared to 2.4 billion on offer, as per data. The company’s shares closed at Rs 8.9, down 3.7 per cent from the previous trade. 

• Shyam Metalics Slips Even as Q1 Volumes Surge
• Oswal Pumps, Shakti Pumps Rally on Solar Order Wins
• Glenmark, Granules Rally on US Drug Approvals
• Key Factors Behind Today’s Market Rally
• HDFC Bank Shares Climb 3% on Strong Q1 Update

The company’s issue is 2.4 billion new shares, at Rs 5 per share through a rights issue. Between 24 per cent from 10 billion, Suzlon’s equity base will presently increase to nearly 12.5 billion. The company plans to use rights issue proceeds to its debt, which currently stands at about Rs 3,272 crore.