Suzlon restructures FCCB, price around Rs 100 a share
Wind-power company, Suzlon has restructured its foreign currency convertible bonds. The conversion price is between Rs 95 and Rs 100 per share. The covenants have been relaxed for the entire tenure. Suzlon will pay 1 per cent fees to bondholders for the waiver. Sources said the new price is likely to result in a dilution of 9.5 per cent for the company. India’s largest wind turbine supplier has US $ 211 million and US $ 121 million bonds due in June and October 2012. Its earlier FCCB price conversion was at Rs 360 and Rs 370 per share. It is awaiting approval from the Reserve Bank of India for the FCCB restructuring. – CNBC TV 18
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