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Shares of Suzlon Energy slumped nearly 10 per cent on Monday, extending its downtrend for the second consecutive session.
Suzlon’s stock ended 9.80 per cent lower at Rs 18.40 on the BSE.
At the NSE, the scrip lost 9.83 per cent to close at Rs 18.35.
In the previous trading session (Friday) also the stock had fallen by 10 per cent.
The company’s scrip went into tailspin after fresh shares allotted on conversion of foreign currency convertible bonds (FCCBs) of the company began to trade on Friday.
Suzlon Energy had allotted 27 crore equity shares of Rs 2 each at a price of Rs 15.46 per share pursuant to conversion of FCCBs of the company.
The new securities of Suzlon Energy are listed and permitted for trading on the exchange with effect from Friday, September 19, 2014, the BSE had said in notice dated September 18.
“Pursuant to conversion notice received from certain holders of the $ 546,916,000 step-up convertible bonds due July 2019, the Securities Issue Committee of the Board at its meeting held on September 9, 2014 approved allotment of 27,03,85,303 equity shares of Rs 2 each on conversion of 69,409 bonds worth $ 69,409,000, at a conversion price of Rs 15.46,” Suzlon had said in a BSE filing on September 9.
FCCB is a type of convertible bond issued in a currency different than the issuer’s domestic currency.
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