Suzlon Energy drops amid volatility

Suzlon Energy lost 1.14% to Rs 21.70 at 14:13 IST on BSE after the firm said it has approved the allotment of 27.03 crore equity shares on conversion of 69,409 bonds worth $69.409 million, at a conversion price of Rs 15.46 per equity share.

The announcement was made during market hours today, 9 September 2014.

Meanwhile, the S&P BSE Sensex was down 112.19 points or 0.41% at 27,207.66.

On BSE, so far 13.37 lakh shares were traded in the counter as against average daily volume of 25.57 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 3.41% at the day's low of Rs 21.20 so far during the day. The stock rose as much as 1.36% at the day's high of Rs 22.25 so far during the day. The stock had hit a 52-week low of Rs 6.25 on 10 September 2013. The stock had hit a 52-week high of Rs 36.80 on 12 June 2014.

The stock had underperformed the market over the past one month till 8 September 2014, sliding 6.2% compared with Sensex's 7.86% rise. The scrip had also underperformed the market in past one quarter, declining 29.87% as against Sensex's 7.57% rise.

The mid-cap wind turbine manufacturer has equity capital of Rs 556.94 crore. Face value per share is Rs 2.

Suzlon Energy said that pursuant to the conversion notice received from certain holders of $546. 916 million step-up convertible bonds due July 2019 (bonds), the Securities Issue Committee of the Board of Directors of the company at its meeting held today, 9 September 2014, approved the allotment of 27.03 crore equity shares of Rs 2 each on conversion of 69,409 bonds worth $69.409 million, at a conversion price of Rs 15.46 per equity share with a fixed rate of exchange on conversion of Rs 60.225 to dollar in terms of the Information Memorandum dated 17 June 2014.

Suzlon Energy reported a consolidated net loss of Rs 750.74 crore in Q1 June 2014, lower than net loss of Rs 1058.90 crore in Q1 June 2013. Net sales rose 20.6% to Rs 4643.01 crore in Q1 June 2014 over Q1 June 2013.

The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and market share, at the end of 2013. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 24,000 MW of wind energy capacity installed, operations across over 31 countries and a workforce of over 10,000. The Group -headquartered at Suzlon One Earth in Pune, India -comprises Suzlon Energy and its subsidiaries, including Senvion SE.

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