Suzlon Energy cancels bond repurchase worth $166 mn

Wind power equipment maker Suzlon Energy today said it has dropped plans to repurchase bonds worth $166 million issued by the company in June and October 2007.      

The company announced on May 11 that it would repurchase the bonds issued in June ($88 million) and October ($78 million) 2007.      

"Suzlon Energy today announced the cancellation of the repurchase," the company informed the Bombay Stock Exchange.      

Now the aggregate principal amount of June and October 2007 bonds following cancellation stands at $211 million and $121 million respectively, it said.      

The company also said that the promoters of the company sold three crore equity shares.      

The company announced repurchasing June 2007 bonds with an aggregate principal amount of $29 million for a cash consideration of $16 million.      

And, it also announced repurchasing October 2007 bonds with an aggregate principal amount of $44 million for a cash consideration of $23 million.      

Shares of Suzlon Energy were trading at Rs 77.90, down 3.65 per cent on the BSE.