Suzlon Energy and Sterlite Industries are all set to increase over $1 billion within a month to fund their growth plans and withdraw debt.
Sterlite, a division of London-listed Vedanta Resources plans to increase between $500 million to $1 billion via a new issue of shares.
Sterlite attained share owner consent to increase funds via the generation of securities to institutions or via ADRs or GDRs or global convertible bonds last month.
Suzlon has planned to increase nearly $400 million via the issue of either ADRs or GDRs to withdraw debt.
The company’s board sanctioned increasing nearly $1.04 billion via the issue of equity, debt or other instruments last month.