Suzlon approves cashless restructuring of convertible bonds

The size of the issue is about USD 485 million subject to necessary approvals, the company said in a statement issued on Saturday.

Wind power company Suzlon Group said its board has approved a cashless restructuring of its foreign currency convertible bonds.

The size of the issue is about USD 485 million subject to necessary approvals, the company said in a statement issued on Saturday.

Also read: Suzlon hopes to get new wind projects of 300-500 MW in FY15  

The group said the new bonds are due 5 years and 1 day from the date of issue, to mature in financial year 2019-20.

The package "is an optimal solution to our last remaining piece under the comprehensive liability management programme," Kirti Vagadia, Suzlon's group head – corporate finance, said in a statement.

Suzlon Group comprises Suzlon Energy Ltd and its subsidiaries.

Suzlon Energy stock price

On May 05, 2014, at 11:11 hrs Suzlon Energy was quoting at Rs 14.24, up Rs 0.86, or 6.43 percent. The 52-week high of the share was Rs 15.55 and the 52-week low was Rs 5.72.

The latest book value of the company is Rs 9.72 per share. At current value, the price-to-book value of the company was 1.47.

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