10/22/2007
India - Suzlon Energy seeking approval amidst plans to raise up to Rs 5,000 crore to fund expansions
Wind turbine maker Suzlon Energy on Tuesday said it is awaiting regulatory approval to list its Belgium-based gearbox making subsidiary, Hansen Transmissions International NV, on the London Stock Exchange.
The company is seeking approval amidst plans to raise upto Rs 5,000 crore to fund expansions including wind turbine making capacity to 5,700 mw from 2,700 now.
"We hope to receive the regulatory approval (for listing Hansen) in the next three to four weeks," Tulsi Tanti, CMD of Suzlon Energy, which had acquired Hansen in 2006 for euro 465 million from Allianz Capital Partners and Apax Partners Worldwide, told reporters here.
Aimed at unlocking the value of the company, the listing would provide Hansen fillip to increase capacity to 9,300 mw from 4,300 mw now in its upcoming Greenfield plants in India and China apart from enhancing capacity in the Belgium plant.
Suzlon would also invest Rs 2,600 crore to raise its wind turbine manufacturing capacity to 5,700 mw from 2,700 mw.
"The facilities are scheduled to come online in a phased manner between Q1 and Q3 of 2008-09. Funding for Capex will be through a mix of internal accruals, debt, quasi-equity and funds raised through the IPO in 2005-06," he said.
On fund raising, Tanti said Suzlon had previously secured approval from shareholders to issue equity or quasi-equity to the extent of Rs 5,000 crore and utilised Rs 2,000 crore.
"The proposal revises the remainder Rs 3,000 crore upwards to Rs 5,000 crore. The issuance, when required, can be single or multiple tranches of equity, equity-linked instruments, quasi-equity and convertible bonds. The funds may be used for replacement of debt, funding for Capex or other requirements," Tanti said.
The company is seeking approval amidst plans to raise upto Rs 5,000 crore to fund expansions including wind turbine making capacity to 5,700 mw from 2,700 now.
"We hope to receive the regulatory approval (for listing Hansen) in the next three to four weeks," Tulsi Tanti, CMD of Suzlon Energy, which had acquired Hansen in 2006 for euro 465 million from Allianz Capital Partners and Apax Partners Worldwide, told reporters here.
Aimed at unlocking the value of the company, the listing would provide Hansen fillip to increase capacity to 9,300 mw from 4,300 mw now in its upcoming Greenfield plants in India and China apart from enhancing capacity in the Belgium plant.
Suzlon would also invest Rs 2,600 crore to raise its wind turbine manufacturing capacity to 5,700 mw from 2,700 mw.
"The facilities are scheduled to come online in a phased manner between Q1 and Q3 of 2008-09. Funding for Capex will be through a mix of internal accruals, debt, quasi-equity and funds raised through the IPO in 2005-06," he said.
On fund raising, Tanti said Suzlon had previously secured approval from shareholders to issue equity or quasi-equity to the extent of Rs 5,000 crore and utilised Rs 2,000 crore.
"The proposal revises the remainder Rs 3,000 crore upwards to Rs 5,000 crore. The issuance, when required, can be single or multiple tranches of equity, equity-linked instruments, quasi-equity and convertible bonds. The funds may be used for replacement of debt, funding for Capex or other requirements," Tanti said.
- Source:
- Suzlon Energy
- Author:
- Edited by Trevor Sievert, Online Editorial Journalist
- Email:
- press@windfair.net
- Keywords:
- wind energy, wind farm, renewable energy, wind power, wind turbine, rotorblade, offshore, onshore
