Suzlon Energy, the world’s fifth largest wind turbine supplier, has completed a package of measures under its $1.8-billion corporate debt restructuring (CDR) programme.
The company hopes that these measures will help put its finances back in order.
The company has announced the completion of CDR programme following the signing of a master restructuring agreement and issuing of new preference shares to its creditors.
The first phase of allotment of 30.24 crore shares at an issue price of Rs 18.51 per share to CDR lenders has been completed. The new shares will be subject to a lock-in period of one year from the date of allotment.
In October 2012, the company had announced plans to enter into debt restructuring. The CDR restructuring package was formally approved in January by the company’s domestic lenders, which is a consortium of 19 banks.
Suzlon Group finance chief Kirti Vagadia said that Suzlon has reason to be grateful to its lenders for “their confidence in the company and our business plan by extending incremental working capital support, speedily implementing the package, and participating in equity’’.
He added that the company’s focus is on normalising business operations, driving results from project transformation and focussing on the execution of its $7-billion order book.