Suzlon Energy gets ‘no adverse observations' from NSE, BSE for merger with subsidiary
has received 'no adverse observations' letters from the National Stock Exchange and BSE for a corporate restructuring plan where its wholly-owned subsidiary Suzlon Global Services Limited will be merged with the parent entity. Suzlon in a filing to the exchanges today informed about receiving the letters from the NSE and BSE on Thursday, July 3.
Under the 'Scheme of Arrangement', which involves the company, its shareholders, and creditors, Suzlon Energy will undertake the reduction and reorganisation of reserves.
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Suzlon plans to adjust its accumulated losses by reducing and reorganising reserves, specifically transferring the credit balance in the General Reserve to Retained Earnings.
This means Suzlon will use existing reserves (built up during profitable years) to wipe out past losses reflected in the Retained Earnings account.
The company said that it will result in a cleaner balance sheet, which can improve the company's ability to pay dividends and attract investors.
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The following are the compliance with legal requirements:
1) The company must comply with detailed disclosures, including how reserves will be adjusted, the historical build-up of losses and reserves, rationale for the scheme, impact on shareholders, cost-benefit analysis, and updated balance sheets pre- and post-scheme.
2) The company has to ensure that additional information, if any, submitted by the company after filing the Scheme with the stock exchange is displayed on the websites of Suzlon and the exchanges.
3) The company has to ensure entities involved in the proposed scheme will not make any changes in the draft scheme subsequent to filing the draft scheme with SEBI by Stock Exchange(s), except those mandated by the regulators/ authorities/tribunal.
4) The company should ensure compliance with the Sebi circulars issued from time to time.
5) The company should ensure that the financials in the scheme considered are not more than 6 months old.
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Suzlon shares
today ended at Rs 65.65 on the NSE, up by Rs 0.38 or 0.58% over the Thursday closing price.
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