Suzlon Energy News
Suzlon Energy defaults on $172 mn bond payment, company in talks with global private equity funds to sell stake
Suzlon's creditors, led by the country's biggest lenders State Bank of India, are studying a one-time settlement plan offered by the company, said sources
The order comes a day after French giant BNP Paribas announced acquisition of home-grown brokerage firm Sharekhan in an estimated Rs 2,000 crore deal.
As per reports, Dilip Shanghvi will provide as much as Rs 38 billion ($610 million) of security for Suzlon Energy Ltd to help the maker of wind turbines fill orders and return to profit.
The auditors of wind turbine maker Suzlon have expressed concern over the company's financial health as it faces liquidity issues and is yet to make payments to its lenders and vendors.
Suzlon chairman Tulsi Tanti said the sale was at a "minor loss" but the proceeds from the deal will help reduce borrowings, cut interest burden and free up more capital for projects to help it return to profitability next fiscal.
Investors pumped money into equity assets, betting on the prime ministership of Narendra Modi.
Sensex closed 19468.15, down 0.15 percent and the Nifty closed at 5887.40 , 0.16 percent
The rally in the auto sector was lead by Maruti Suzuki India because of its big profits in the third quarter as announced in the results today.
The stock markets opened in a lacklustre mood on the last day of the year largely due to lack of economic and global triggers.
Tulsi Tanti, chairman of Suzlon, has taken a Rs 1.46-cr pay cut as Suzlon slips into red.
Suzlon will sell stake in its China manufacturing unit to China Power New Energy Development to reduce it debt.
What was supposed to attract foreign investment in Karnataka, the Global Investors Meet instead saw a buoyant participation and commitment by a number of Indian companies instead.
The wind turbine maker plans to sell a bulk of its wind energy assets for Rs 200 crore to repay its first tranche of FCCBS that are due for repayment in June.