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Suzlon Energy to allot shares worth Rs 131 cr to lenders

According to reports, wind turbine maker Suzlon Energy will allot shares worth over Rs 131 crore to its lenders as part of corporate debt restructuring plan.

It will allot more than 7.10 crore shares, at issue price of Rs 18.51 per scrip, to CDR lenders on preferential basis, the company said in a regulatory filing today.

These shares, worth over Rs 131 crore, would be allotted as part of CDR package.

According to the filing, these shares “shall be locked in for a period of one year from the date of allotment in terms of ICDR (Issue of Capital and Disclosure Requirements) Regulations”.

The Securities Issue Committee of the company’s board approved the allotment during their meeting today.

Suzlon posted a net loss of Rs 782.37 crore in the three months ended September 2013. The figure is “after share in associate’s profit” and minority interest, it said.

The company scrip declined over 2 per cent to close at Rs 9.78 on the BSE.

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