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Wednesday, June 9, 2010

SUZLON ENERGY : RIGHTS ISSUE DETAILS

SUZLON ENERGY gave rights issue in the ratio of 2 new shares for 15 held at Rs.63/share(Face Value-Rs.2 and premium of Rs.61), the record date is fixed at 10th June 2010, Suzlon goes ex- rights on 9th June 2010. The Issue Opens at 18th JUNE 2010, Closes on 2nd JULY 2010, Last date for receiving request for split form 25th JUNE 2010.

Here are some details about how will the proceeds from the issue will be utilised -

Gross proceeds of Issue  -                Rs. 1307.66 Cr.
Discharge of Promoter loans
(towards Promoter entitlement) -      Rs. 694.06 Cr.
Issue Expenses                                  Rs. 10.00 Cr.
Net Proceeds                                      Rs. 603.60 Cr.

*The amount of promoter loan Rs. 1175 Cr.

CAPITALIZATION STATEMENT
STANDALONE - DETAILS  
                                   
SHORT TERM DEBT -  Rs.1883.52 Cr.
LONG TERM DEBT - Rs.5717.70 Cr.
TOTAL DEBT - Pre issue- Rs.7601.22 Cr ; Post issue - Rs.6426.22 Cr.
SHARE CAPITAL - Pre issue - Rs.311.35 Cr ; Post issue - Rs.352.86 Cr.
ESOPs O/s - Pre issue -Rs.15.68 Cr ; Post issue -Rs.15.68 Cr
RESERVES & SURPLUS - Pre issue - Rs.5277.24 Cr ; Post issue - Rs.6543.39 Cr.
TOTAL SHARE HOLDERS FUND - Pre issue -Rs.5604.31 Cr ; Post issue -Rs.6911.97 Cr.
TOTAL DEBT/EQUITY RATIO - Pre issue - 1.36 ; Post issue - 0.93

CONSOLIDATED -  DETAILS  

SHORT TERM DEBT-  Rs.3337.11 Cr.
LONG TERM DEBT - Rs.9330.83 Cr.
TOTAL DEBT - Pre issue -Rs.12667.94 Cr ; Post issue -Rs.11492.94 Cr.
SHARE CAPITAL - Pre issue -Rs.311.35 Cr ; Post issue - Rs.352.86 Cr.
ESOPs O/s - Pre issue -Rs.15.67 Cr ; Post issue - Rs.15.67 Cr.
RESERVES & SURPLUS - Pre issue -Rs.6274.21 Cr ; Post issue - Rs.7540.36 Cr.
TOTAL SHARE HOLDERS FUND - Pre issue -Rs. 6601.27 Cr ; Post issue -Rs.7908.93 Cr.
TOTAL DEBT/EQUITY RATIO - Pre issue - 1.92 ; Post issue - 1.45.

Now, when the markets price per share are quoting at Rs.53/sh why would anyone subscribe to its Rights issue...........This issue is only meant for SUZLON Promoters....same story as Fortis health care..here SUZLON's promoters will subscribe all 20,75,65,299 shs at Rs.63/sh , raising their holding to 103,38,33,299 shs from 82,62,68,000 shs from 53.08% to 58.59% on new Eq of 176,43,05,042 shs from 155,67,39,743 shs. But will surely reduce some of its debts...which is good news.

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