Suzlon Energy Ltd approves allotment of new FCCBs

The duly constituted Securities Issue Committee of the Board of Directors of Suzlon Energy Ltd has, on July 15, 2014, by circulation, approved the allotment of new foreign currency convertible bonds (the "Restructured Bonds") amounting to USD 546,916,000 to the holders of the Existing Bonds on satisfaction of certain conditions precedents in accordance with the terms of the consent solicitation and applicable laws and regulations.

Pursuant to the consent solicitation in relation to the Existing Bonds the Company has issued the Restructured Bonds which will mature on July 16, 2019. The 0% October 2012 Bonds, the 7.5% October 2012 Bonds and the 0% July 2014 Bonds have ceased to exist in full.

USD 146,200,000 of the principal amount of the 5% April 2016 Bonds have also been substituted by Restructured Bonds and USD 28,800,000 of the principal amount of the 5% April 2016 Bonds remain outstanding.

Shares of SUZLON ENERGY LTD. was last trading in BSE at Rs.22.85 as compared to the previous close of Rs. 23.3. The total number of shares traded during the day was 2603817 in over 7972 trades.

The stock hit an intraday high of Rs. 23.3 and intraday low of 22.15. The net turnover during the day was Rs. 58664226.

Source : Equity Bulls

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