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 

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
Business Standard
177 22

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 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
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard