Suzlon to raise Rs5,000 crore, list Belgian subsidiary on LSE

23 October 2007

The company also plans to list its wholly-owned subsidiary in Belgium, Hansen Transmissions International NV, on the London Stock Exchange (LSE),

The funds raised will be used for expansion purposes, including raising production capacity to 5,700 MW, Suzlon said.

The company had earlier raised Rs2,000 crore by issuing foreign convertible currency bonds (FCCBs) of $500 million against shareholder approval for raising a total of Rs5,000 crore in international and domestic markets.

"Considering the expansion requirements, the board has enhanced the unutilised limit of Rs3,000 crore to Rs5,000 crore for issuance of equity shares, FCCBs, global depository receipts and American depository receipts," Suzlon said in a filing with the Bombay Stock Exchange (BSE).

Suzlon''s board also approved Rs2,600 crore investments over the next two years for raising the company''s global manufacturing capacities by 3,000 MW to 5,700 MW to cater to the increasing market share and demand.

Suzlon had acquired Hansen Transmissions International, a wind turbine gearbox manufacturer, in March last year for euro 465 million.