The board of Suzlon Energy Limited (NSEI:SUZLON) has approved launching qualified institutional placement to raise up to INR 20 billion. The QIP will be of INR 15.00 billion, with an oversubscription option of INR 5 billion. "The securities issue committee of the Board has decided to undertake qualified institutions placement of equity shares to an extent of up to INR 15.00 billion, with an option to retain oversubscription of up to INR 5.00 billion," the company said in a filing. The floor price for the same has been fixed as INR 18.44, which is nearly 6% discount from the current levels. QIP is a capital-raising tool through which listed companies can sell shares, fully and partly convertible debentures, or any securities, other than warrants that are convertible into equity shares, to qualified institutional buyers. The company said it may offer a discount of 5% on the floor price under the SEBI rules.