The Board of renewable energy solutions provider Suzlon Energy has approved the conversion of 16.2 lakh partly paid-up shares in to fully paid up equity shares, the company said in an exchange filing on Wednesday, October 11.

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"The Board of Directors of the company at its meeting held on 11th October 2023 approved conversion of 16.2 lakh partly paid-up equity shares having a face value of Rs 2 each with Re 1 paid-up in to fully paid-up equity shares having a face value of Rs 2 each with Rs 2 paid-up bearing aggregating to Rs 40,50,880," the company said.

Suzlon is in process of completing necessary formalities for corporate actions and obtaining listing and trading approvals, the company said in an exchange filing.

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At present, the paid-up capital of the company is Rs 2718.85 crores divided into Rs 1357.58 crores fully paid-up equity shares having a face value of Rs 2 and Rs 3.68 crore partly paid-up equity shares having a face value of Rs 2.00 each with Re 1 each paid-up.

The shares of the wind turbine manufacturer ended nearly 5% higher in the trade today.

Earlier in September, Dilip Shanghvi and Associates decided to terminate the amended and restated shareholders' agreement that was signed in February 2020, as per Suzlon's statement to the exchanges. With the termination of the agreement, the investor group's nominee director on Suzlon's board, Hiten Timbadia has also resigned with effect from September 26.

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