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. 

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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.