Shareholders of troubled wind turbine manufacturer Suzlon Energy have approved the debt restructuring deal after the lenders gave their approval for deal, paving the way for restructuring of the debt-laden firm.
All 10 resolutions through postal ballot that would pave the way for debt restructuring of the company are approved with requisite majority through post ballot, the company said in a regulatory filing.
Commenting on the deal, Suzlon Group CEO J. P. Chalasani said, “We are pleased with the outcome of the shareholder’s approval, where they have whole heartedly supported all the resolutions, clearing the path for completion of our debt restructuring process. Stakeholders have demonstrated confidence in the Company by confirming to infuse equity. The company is set to begin operations post completion of formalities and end of current lockdown in the country.”
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Suzlon chief financial officer Swapnil Jain said, “We are grateful to all our lenders, bondholders and key stakeholders for having faith and standing by the company to work towards a holistic debt resolution in these challenging times. With trimmed debt and new equity infusion, the capital structure of the company will get fixed, and we shall be back in business.”
The company’s total net debt as per the October- December quarter results stood at ₹12,906 crore that includes outstanding foreign currency convertible bonds (FCCBs) of $172 million.
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