Suzlon Group: Board approves cashless restructuring of its FCCBs

The Board of Directors of Suzlon Energy Ltd has, by circular resolution, approved a cashless restructuring proposal in respect of the Existing Bonds, including, without limitation, the issuance of new foreign currency convertible bonds ("Restructured Bonds") in (a) substitution, by extraordinary resolution, of the accreted value and unpaid interest, if any (including default interest thereon), of the 0% October 2012 Bonds, the 7.5% October 2012 Bonds and the 0% July 2014 Bonds; (b) voluntary substitution of the accreted value and unpaid interest (including default interest thereon) of the 5% April 2016 Bonds (the "Voluntary Substitution"); (c) substitution, by extraordinary resolution, of the accreted value and unpaid interest (including default interest thereon) of the outstanding 5% April 2016 Bonds following the Voluntary Substitution (provided the principal amount of the 5% April 2016 Bonds outstanding exceeds USD 87.50 million), in an amount that is equal to USD 87.50 million less the principal amount of the 5% April 2016 Bonds substituted with the Restructured Bonds pursuant to the Voluntary Substitution plus premium and unpaid interest (including default interest thereon) in respect of such amount, which shall be effected in a pro rata manner; and (d) substitution, by extraordinary resolution, of the unpaid interest (including default interest thereon) in respect of any 5% April 2016 Bonds that are not substituted.

Shares of SUZLON ENERGY LTD. was last trading in BSE at Rs.14 as compared to the previous close of Rs. 14.13. The total number of shares traded during the day was 3344107 in over 10491 trades.

The stock hit an intraday high of Rs. 14.55 and intraday low of 13.76. The net turnover during the day was Rs. 47417092.

Source : Equity Bulls

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