Country's largest wind turbine supplier, Suzlon Energy will be issuing 78.37 crore equity shares at an average price of Rs 18.51 a share, on a preferential basis to its CDR (corporate debt restructuring) lenders. Out of total, 42 crore equity shares will be issued in April and remaining ones will be issued in 1 or more tranches till September 2014. Additionally, the company would issue a total of 12.52 crore equity shares to non-CDR lenders at the same price of Rs 18.51 per share.
The company in the end of January, this year received formal approval of its proposal for the restructuring of domestic debt by the Empowered Group of Corporate Debt Restructuring (CDR) Cell. The company's domestic lenders, a consortium of 19 banks has approved CDR package of Rs 9,500 crore / $1.8 billion.
The package includes a two year moratorium on principal and term-debt interest payments; a three per cent reduction in interest rates; six month moratorium on working capital interest; as part of the package Rs 1,500 crore / $270 million (two year's interest payment during moratorium) will be converted into equity / equity linked instrument over the next two years to bring stronger financial stability; and a 10 year door-to-door back-ended repayment plan.
| Company Name | CMP |
|---|---|
| Havells India | 1188.25 |
| Siemens | 3503.15 |
| Apar Industries | 14086.80 |
| ABB India | 6833.55 |
| Waaree Energies | 2922.10 |
| View more.. | |
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