Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

India

India

Suzlon's value plunges after shares sold to tackle debt

INDIA: The value of turbine manufacturer Suzlon fell by more than a third today after founding shareholders sold their shares to tackle the company's debt problems.

The sale of 109.9 million shares - 6.19% of Suzlon – by the company’s founders wiped 34% off its value, the biggest fall in the Indian turbine manufacturer’s share price in more than four years.

Suzlon’s founders sold the shares to raise INR 2.4 billion ($44 million) to repay lenders as part of its $1.8 billion debt restructuring plan, which was approved by the firm’s 19 lenders last month.

The debt plan gave Suzlon, which had been struggling with loan repayments, a two-year moratorium on principal and term-debt interest repayments, as well as a six-month moratorium on working capital interest. It also includes a 3% reduction on interest rates.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Search more than 4,500 companies in the Windpower Directory

Latest Jobs