Suzlon Energy soars on FCCB redemption

Suzlon Energy has soared over 10% at Rs 18.9, after the company said it has redeemed its $360 million of foreign currency convertible bonds (FCCBs) through various instruments.

“The company redeemed, in cash, our FCCB liability of $ 360 million due on July 27, 2012. The company redeemed these FCCBs through a combination of instruments – including the proceeds from the sale of non-critical assets, internal accruals and the new facilities from our senior secured lenders,” Kirti Vagadia, CFO, Suzlon Group said in a press release.

The stock opened at Rs 17.40 and hit a high of Rs 19.05 on the National Stock Exchange. A combined 26.4 million shares have changed hands on the counter so far, as against an average around 15 million shares that were traded daily in past ten trading days.