Turbine manufacturer Suzlon has completed debt restructuring with the unanimous approval of its secured lenders.
The company said the term debt is reduced substantially with interest of 9% a year repayable over 10 years starting today.
It added that the balance debt of secured consortium lenders has been replaced by 0.01% optionally convertible debenture of the company and 0.0001% compulsorily convertible preference shares of its subsidiary redeemable or convertible in 20 years.
Suzlon founder and chairman Tulsi Tanti said: Consortium of lenders led by State Bank of India and the company have worked together to protect the interests of all the stakeholders involved, thereby protecting the Indian wind energy sector, saving thousands of…
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