(Reuters) - Wind power company Suzlon Group said its board has approved a cashless restructuring of its foreign currency convertible bonds.
The size of the issue is about $485 million subject to necessary approvals, the company said in a statement issued on Saturday.
The group said the new bonds are due 5 years and 1 day from the date of issue, to mature in financial year 2019-20.
The package "is an optimal solution to our last remaining piece under the comprehensive liability management programme," Kirti Vagadia, Suzlon's group head - corporate finance, said in a statement.
Suzlon Group comprises Suzlon Energy Ltd and its subsidiaries.
(Reporting by Scott DiSavino; Editing by Ruth Pitchford)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app