|Bid||2.4100 x 0|
|Ask||2.4200 x 0|
|Day's range||2.4000 - 2.5500|
|52-week range||2.0600 - 8.4000|
|Beta (3Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||8 Feb 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||19.00|
On Tuesday, Suzlon defaulted on principal payments due on foreign currency convertible bonds worth $172 million. The company owes banks Rs 9,624 crore as on March 31, 2019.
Suzlon Energy Ltd on Tuesday said that it has failed to make a payment of principal amount of $172 million in foreign currency convertible bonds (FCCBs) to its bondholders. The payment was due on 16 July. In its stock exchange filing,
In a notification to the stock exchanges, Suzlon Energy said, This is to inform you that the company has not made the payment of the principal amount of the outstanding bonds, being $172,000,000, which was due on July 16, 2019, in accordance with the terms and conditions of the bonds.
India's debt-laden Suzlon Energy said it defaulted on a $172 million bond payment on Tuesday, as sources aware of the matter said the wind power equipment maker was in talks with several global private equity funds to sell a majority stake. The company's creditors, led by India's biggest lenders State Bank of India, last week signed a so-called inter-creditor agreement (ICA) under which they had agreed not to take the company to a bankruptcy court. The western India-based company said it had not paid $172 million on an outstanding foreign currency convertible bond (FCCB) that was due on Tuesday.
Danish firm Vestas Wind Systems is in talks with Suzlon Energy for a controlling stake, sources privy to the development said. Vestas is keen on buying out the promoter Tulsi Tanti and investor Dilip Shanghvi and launch an open offer for its shares as part of the deal, they said.
Suzlon Energy share price rebounded after crashing on Tuesday after the firm issued a clarification to exchanges saying that the company is regular in servicing its debt obligations towards banks for the month of January 2019 and any rumours about the company are baseless.