Suzlon shareholders okay proposal to raise Rs5,000 crore

Suzlon, board of directors, had approved the issuance of equity shares or FCCBs, GDRs, IDRs, or a combination of instruments, to the extent of Rs5,000 crore. The shareholders have approved the same at the AGM

Wind power major Suzlon Energy said its shareholders had approved the proposal to raise funds worth Rs5,000 crore. In a regulatory filing, Suzlon said shareholders have approved the "enabling resolution to issue securities to an extent of Rs5,000 crore to facilitate raising of funds from time to time". This proposal, along with various appointments, was approved by shareholders at the company's annual general meeting held on 27 September 2011. Among others, the appointment of Tulsi Tanti as the company's Managing Director was ratified and approved by the shareholders.

On 1 August 2011, Suzlon had said that its board approved a proposal for raising Rs5,000 crore through the issuance of shares or other securities. "The board of directors has approved the issuance of equity shares or FCCBs, GDRs, IDRs, or a combination of instruments, to an extent of Rs5,000 crore," the firm had said.

In the late afternoon, Suzlon was trading at around Rs37.75 per share on the Bombay Stock Exchange, 2.17% up from the previous close.

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Pipavav ties up with Airbus

The Pipavav-Airbus joint venture will be to develop maintenance, repair and overhaul facilities and associated infrastructure. It is likely to cost $100 million in the first phase. It will be used for civilian and military applications

Pipavav Defence and Offshore Engineering Company (formerly Pipavav Shipyard) has announced its foray into the aviation sector by signing a pact with Airbus to set up an aircraft maintenance facility in the country, through a joint venture. As per the MoU, European Aeronautic, Defence and Space Co, (EADS), the makers of Airbus, will pick up 26% equity in the project and have the option to increase it to 49%, Pipavav said in a regulatory filing. The filing added that 51% stake in the proposed JV will be held by Pipavav, while its promoters SKIL Infra will also hold some stake.

The Joint Venture will be to develop maintenance, repair and overhaul (MRO) facilities and associated infrastructure. It is likely to cost $100 million in the first phase. It will be used for civilian and military applications, the filing stated. "This will be a one of its kind joint venture being set up in India with equity participation from EADS, France (Airbus) which is the global leader in defence and aerospace."

In the late afternoon, Pipavav was trading at around Rs80.20 per share on the Bombay Stock Exchange, 0.38% up from the previous close.

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Punj Lloyd wins Rs1,195 crore order from Haldia Refinery

The Haldia Refinery project of Punj Lloyd will boost the power supply in Kolkata and its suburbs

Punj Lloyd Group said that it has bagged the Rs1,195 crore worth contract from Haldia Energy, a wholly-owned subsidiary of Calcutta Electric Supply Company (CESC), for its 600-MW thermal power project.

The project will boost the power supply in Kolkata and its suburbs, and is scheduled to be commissioned by 2014. Based in Haldia, the scope of work for the 2 x 300-mw plant entails balance of plant (BoP) supply and services and BTG erection. It includes detailed engineering of BoP, mechanical, electrical and instrumentation packages.

With this contract, the order backlog for the group on a consolidated basis has gone up to Rs25,133 crore. This reflects the total value of unexecuted orders as on June 30 plus the new orders received subsequently.

In the late afternoon, Punj Lloyd was trading at around Rs55.50 per share on the Bombay Stock Exchange, 1.28% up from the previous close.

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