Suzlon Energy on Friday (7 October 2022) announced that its board has approved the appointment of Vinod R.Tanti as the chairman & managing director of the company, with immediate effect, for a period of 3 years up to 6 October 2025.
Consequent to his appointment as the managing director, Vinod Tanti has resigned as the wholetime director & chief operating officer.
The appointment would be subject to the approval of the shareholders at the next general meeting of the company, it stated.
Vinod Tanti, brother of late Tulsi Tanti and the eldest among remaining siblings, is aged 60 years, and is a founding member of Suzlon Energy. He has a Bachelors' degree in Civil Engineering. He has extensive experience of over 34 years managing various key functions at Suzlon. Tanti brings to Suzlon, his vast experience of the complete wind energy value chain as well as his process centricity and drive for innovation.
The board of the renewable energy firm has also approved the appointment of Girish R.Tanti as the executive director designated as the executive vice chairman of the company with immediate effect for a period of 3 years up to 6 October 2025.
Girish Tanti is also a founding member of Suzlon Energy. He has a bachelor's degree in Electronics & Communication Engineering and holds a master's degree in Business Administration from UK. Girish Tanti served as an executive director at Suzlon Energy from 1 December 1995 to 30 July 2011. Subsequently, he was a non-executive director on the board of the company till date.
Meanwhile, the company's board has also approved the appointment of Pranav Tanti as an additional director of the company, effective from 7 October 2022.
The appointments came after their brother Tulsi Tanti passed away due to cardiac arrest on 1 October 2022.
In a separate exchange filing, Suzlon Energy said that, Dilip Shanghvi, managing director of Sun Pharmaceutical Industries, has conveyed to the promoters of the company his intention to fully participate in the rights issue.
In a letter to the promoters, Dilip Shanghvi stated, 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 Tulsi Tanti. I believe in the future of green energy and the long term growth of this sector.
The renewable energy firm will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share. The issue will open on 11 October 2022 and it will close on 20 October 2022. The company's board had fixed 4 October 2022 as the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue.
The Suzlon Group is one of the leading renewable energy solutions providers in the world with presence in 17 countries.
On a consolidated basis, the company reported net profit of Rs 2,433.33 crore as against a net loss of Rs 22.44 crore in Q1 FY23 over Q1 FY22. Net sales rose 21.4% YoY to Rs 1,377.58 crore in Q1 FY23.
Shares of Suzlon Energy shed 0.13% to settle at Rs 7.66 on Friday, 7 October 2022.
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