Suzlon Energy has surged over 4% to Rs 19.75 on back of heavy volumes on hopes of signing a corporate debt restructuring (CDR) package with consortium of lenders.
The stock opened at Rs 19.70 and hit a high of Rs 19.90 on BSE. As many as a combined 8.1 million shares have already changed hands on the counter in early morning deals on both the exchanges.
“The conditions have been finalised with Suzlon Energy and a consortium of lenders are waiting for them to sign it,” the Business Standard report suggests quoting a banker who is a part of the consortium which has more than 11 banks.
The company’s net debt would be around Rs 13,000 crore, which would be restructured.