Suzlon Energy awaits shareholder approval for a third bailout package

Shareholders of Suzlon Energy will be voting on Friday to offer a stake to a new consortium of lenders including power infrastructure finance company REC and Indian Ren­ewable Energy Development Agency. This would see the promoters’ stake falling to a record low of 13 per cent, and lenders increasing their stake to 34.5 per cent in the company.

The new lenders are bailing out the company by infusing additional funds and converting their loans worth Rs 4,100 crore into equity.

Suzlon Energy, which had a market value of Rs 8,741 crore as on Monday, sought a bailout package from its len­ders after