The promoters and associates of Suzlon Strength will infuse up to Rs four hundred crore as equity into the troubled renewable power company, by way of different securities as element of the proposed restructuring plan.
The entities pumping in money consist of Tanti Holdings Pvt (promoter), Shanghvi Finance and associates.
The board of administrators, in a late evening assembly on Thursday, accepted a proposal for restructuring personal debt of the company and its sure discovered subsidiaries, the company claimed in its submitting with the BSE. Suzlon’s stock shut 5.nine for each cent lower at Rs 2.sixty nine for each share on the BSE on Friday.
Below the personal debt recast plan, the Tulsi Tanti-controlled entity will difficulty securities — shares, convertible bonds and warrants — to seventeen creditors for changing element of the personal debt into equity. Some of the creditors consist of Point out Financial institution of India, Axis