Sun Pharma’s Shanghvi to participate in Suzlon Energy’s rights issue

Sun Pharmaceutical Industries’ promoter Dilip Shanghvi on Friday said he intends to participate in the proposed rights share issue of Suzlon Energy.

Shanghvi holds a 4.2 per cent stake in the wind turbine maker.

In September, debt-laden Suzlon Energy had said it plans to raise Rs 1,200 crores through a rights issue to reduce the debt on books.


The group’s consolidated debt was around Rs. 2,800 crores as of June 30. Suzlon plans to reduce the interest cost by about Rs 90 crores per year after the debt reduction.

The promoter and promoter group entities too will be participating in the rights issue.