Sun Pharma's Dilip Shanghvi To 'Fully Participate' In Suzlon Energy Rights Issue
Sun Pharma Chairman Dilip Shanghvi currently owns about 12% stake in Suzlon Energy.
Suzlon Energy Ltd. has said that Sun Pharmaceutical Industries Ltd.'s Chairman Dilip Shanghvi plans to "fully participate" in the company's Rs 1,200-crore fundraising from promoters.
“It is my intention to fully participate in the rights issue of Suzlon along with subscribing for additional shares. I remain committed to the vision of the Late Mr. Tulsi Tanti. I believe in the future of green energy and the long term growth of this sector," Shanghvi said, in the exchange filing.
In 2015, Shanghvi had acted as a "white knight" for the debt-ridden firm, picking up approximately 23% stake in Suzlon for around Rs 1,800 crore.
According to Bloomberg data, last updated in December 2021, Shanghvi owns around 12% in the wind-turbine maker through family members and several holding companies.
Suzlon's rights issue is set to open on Oct. 11 and close on Oct. 20. The company will issue an additional 240 crore shares at Rs 5 apiece.