Indian wind turbine maker Suzlon announced raising ₹12 billion (~$145.80 million) through a rights issue of 2.4 billion partly paid-up equity shares. The issue was oversubscribed 1.8 times.

The equity shares with a face value of ₹2 (~$0.024) were priced at ₹5 (~$0.060), comprising a premium of ₹3 (~$0.036) for every 21 paid-up equity shares held by the eligible equity shareholders.

Suzlon announced the rights issue earlier this month.

The company said the issue resulted in a subscription of 4.35 billion shares.

The cumulative funds raised through the rights issue are recorded in multiple calls, of which the first call at the time of application was ₹6 billion (~$72.5 million).

The funds will be used to repay or pre-pay a portion of certain outstanding borrowings availed by Suzlon and its subsidiaries.

The allotment and listing formalities of the new shares on the BSE and National Stock Exchange are likely to be completed by the first week of November 2022.

Suzlon operates across 17 countries spread over six continents and claims to have the largest wind-installed base as a wind energy original equipment manufacturer with approximately 13.45 GW of installed capacity in India until June 30, 2022.

Suzlon’s wind projects have contributed approximately 33% of the country’s total wind installed base. It has an installed capacity of approximately 5.96 GW outside India, aggregating to a global installed capacity of approximately 19.41 GW globally as on June 30, 2022.

Earlier this month, Suzlon bagged an order from Adani Green Energy Limited to supply 48.3 MW of wind power projects and install 23 units of wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is in Gujarat’s Kutch district and will likely be commissioned in 2023.

Suzlon reported a turnaround with a net profit after tax of ₹370 million (~$4.93 million) in the third quarter (Q3) of the financial year (FY) 2022 compared to the net loss of ₹130 million (~$1.73 million) in the previous quarter. The company recorded a net profit of ₹24.33 billion (~$306.34 million) in the first quarter of FY23.