Suzlon Energy proposes to reduce the conversion price of FCCBs

Suzlon Energy Ltd has announced that pursuant to the press note dated February 15, 2010 issued by the Ministry of Finance, Government of India, the Board of Directors of the Company has, subject to receipt of approval of the shareholders and regulatory approvals as may be required, approved the reduction of the conversion prices of its US$ 300,000,000 zero coupon convertible bonds issued on June 11, 2007 and due June 2012 (ISIN:XS0302069249) and US$ 200,000,000 zero coupon convertible bonds issued on October 10, 2007 and due October 2012 (ISIN: XS0323163526) (collectively the "FCCBs").

Further the Company informed that the Board of Directors of the Company has decided to conduct a Postal Ballot for seeking the approval of the shareholders by way of special resolution for reduction in the conversion price of the FCCBs.

The stock closed the day at Rs.71.80, up by Rs.3.25 or 4.74%. The stock hit an intraday high of Rs.72.75 and low of Rs.68.

The total traded quantity was 8455159 compared to 2 week average of 4767971.

Source : Equity Bulls

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