Business Standard

Suzlon Energy surges on debt restructuring report

The company, which last month defaulted on $200 million convertible bond redemption, has been admitted to corporate debt restructuring process.

SI Reporter  |  Mumbai 

  • ALSO READ

    Bankers approve debt recast for SWAWS Credit Corp Suzlon Group wins 39.9 MW orders from GSFC, BEL Visa Steel sells stake for Rs 368 cr About 67% of FCCB due this fiscal may default: report Suzlon Energy posts Rs 808-cr loss

Suzlon Energy has surged almost 11% to Rs 17.15 on back of over three-fold jump in trading volumes on reports that the makers has been admitted to corporate debt restructuring (CDR) process.

“Suzlon Energy, which last month defaulted on $200 million convertible bond redemption, has been admitted to India's corporate debt restructuring process,” the Reuters report suggests.

Loss-making Suzlon Group last month said it has started discussions with lenders for restructuring debt, including a two-year moratorium on repayment of term loans.

“The company has initiated discussions with its senior secured lenders and plans to restructure its debt with a maturity period of ten years under the mechanism, including a two-year moratorium on principal and interest payments on term-debt,” said in a statement.

The stock opened at Rs 15.50 on the BSE and has seen over three-fold surge in trading volumes. As many as a combined 28.04 million shares have already changed hands on the counter so far against an average sub 9 million shares that were traded daily in past two weeks on the BSE and NSE.

RECOMMENDED FOR YOU

Suzlon Energy surges on debt restructuring report

The company, which last month defaulted on $200 million convertible bond redemption, has been admitted to corporate debt restructuring process.

Suzlon Energy has surged almost 11% to Rs 17.15 on back of over three-fold jump in trading volumes on reports that the wind turbine makers has been admitted to corporate debt restructuring (CDR) process.

Suzlon Energy has surged almost 11% to Rs 17.15 on back of over three-fold jump in trading volumes on reports that the makers has been admitted to corporate debt restructuring (CDR) process.

“Suzlon Energy, which last month defaulted on $200 million convertible bond redemption, has been admitted to India's corporate debt restructuring process,” the Reuters report suggests.

Loss-making Suzlon Group last month said it has started discussions with lenders for restructuring debt, including a two-year moratorium on repayment of term loans.

“The company has initiated discussions with its senior secured lenders and plans to restructure its debt with a maturity period of ten years under the mechanism, including a two-year moratorium on principal and interest payments on term-debt,” said in a statement.

The stock opened at Rs 15.50 on the BSE and has seen over three-fold surge in trading volumes. As many as a combined 28.04 million shares have already changed hands on the counter so far against an average sub 9 million shares that were traded daily in past two weeks on the BSE and NSE.

image