Wind-power company, Suzlon has restructured its foreign currency convertible bonds, sources told CNBC-TV18’s Pankaj Poddar. The conversion price is between Rs 95 and Rs 100 per share.
CNBC-TV18 learns that the covenants have been relaxed for the entire tenure. Suzlon will pay 1% fees to bondholders for the waiver.
Sources said the new price is likely to result in a dilution of 9.5% for the company.
India’s largest wind turbine supplier has USD 211 million and USD 121 million bonds due in June and October 2012. Its earlier FCCB price conversion was at Rs 360 and Rs 370 per share.It is awaiting approval from the Reserve Bank of India for the FCCB restructuring.