Suzlon Energy to launch Bonds issue

Suzlon Energy Ltd has announced that pursuant to certain conditions being satisfied under the Consent Solicitation Memorandum dated June 17, 2009 issued by the Company it is required to launch an offering of zero coupon convertible bonds through reputed lead managers / initial purchasers in the international capital markets on a date no later than 2 Business Days after satisfaction of such conditions with an aggregate principal amount of up to US $ 70 million with an option to upsize the issue size to up to US$ 90 million. The Conditions to the Launch of the New Bonds Offering have been satisfied on July 17, 2009. The initial conversion price of the convertible bonds will be the higher of (i) the Volume Weighted Average Price for the 10 consecutive trading days ending on the Launch Date; and (ii) the regulatory floor price as determined in accordance with applicable regulations of the Ministry of Finance, Government of India and the RBI regulations. The convertible bonds to be issued pursuant to the offer shall be issued at 104%-105% of the face value.

The stock was trading at Rs 96.30, up by Rs 0.70 or 0.73%. The stock hit an intraday high of Rs 97.40 and low of Rs 93.90.

The total traded quantity was 9138455 as compared to 2 week average of 17764738.

Source : Equity Bulls

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