Suzlon Energy raise $202 mn via GDRs, FCCBs

Wind power major Suzlon Energy has raised $201.91 million (about Rs 971 crore) by issuing securities in the global markets.

Suzlon has raised $108.04 million through the issue of Global Depository Receipts (GDRs) and remaining $93.87 million through Foreign Currency Convertible Bonds (FCCBs), the company said in a statement to the Bombay Stock Exchange (BSE).

The company has issued 1.46 crore GDRs priced at $7.40 per piece, it said.According to the terms of issue, each GDR would entitle the holder to get it converted into four equity shares.

Further, the Tanti-family promoted firm has raised $93.87 million through the issue of zero coupon convertible bonds, it said."The initial conversion price (of bonds) has been set at Rs 90.38 per share," the company said.

Yesterday, the wind turbine maker firm said that its GDRs would be listed on the Luxembourg Stock Exchange.

Share of Suzlon Energy were trading at Rs 91.40, down 2.97 per cent in the afternoon trade on the BSE.