Shareholders give nod to Suzlon's debt restructuring

Wind farm in India. Author: Suzlon Group. License: All Rights Reserved.

May 21 (Renewables Now) - The shareholders of Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) have given the green light to all resolutions under the troubled company’s debt restructuring plan.

The manufacturer confirmed the approval, given through a postal ballot, in a bourse filing earlier this week. It concerns 10 resolutions, among which are a planned increase in Suzlon’s authorised share capital, the issue of equity shares to its promoters and lenders, as well as the sale of optionally convertible debentures and convertible warrants. Additionally, the voting allows divestment of the company’s investments, assets and undertakings.

According to the Press Trust of India (PTI), Suzlon’s net debt amounts to INR 129.06 billion (USD 1.7bn/EUR 1.55bn), including total outstanding foreign currency convertible bonds (FCCBs) of USD 172 million.

At the end of March, Suzlon’s lending consortium, led by The State Bank of India (SBI), cleared the company’s plan to restructure its debt obligations. Its bondholders gave their consent shortly thereafter with a 99.9% vote.

(INR 10 = USD 0.132/EUR 0.0204 )

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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