Shareholders give nod to Suzlon's debt restructuring

The shareholders of Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) have given the green light to all resolutions under the troubled company’s debt restructuring plan.

The manufacturer confirmed the approval, given through a postal ballot, in a bourse filing earlier this week. It concerns 10 resolutions, among which are a planned increase in Suzlon’s authorised share capital, the issue of equity shares to its promoters and lenders, as well as the sale of optionally convertible debentures and convertible warrants. Additionally, the voting allows divestment of the company’s investments, assets and undertakings.

According to the Press Trust of India (PTI), Suzlon’s net debt amounts to INR 129.06 billion (USD 1.7bn/EUR 1.55bn), including total outstanding foreign currency convertible bonds (FCCBs) of USD 172 million.

At the end of March, Suzlon’s lending consortium, led by The State Bank of India (SBI), cleared the company’s plan to restructure its debt obligations. Its bondholders gave their consent shortly thereafter with a 99.9% vote.

(INR 10 = USD 0.132/EUR 0.0204 )

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