Suzlon Energy, the world's fifth largest wind turbine supplier, announced jumped on Friday after the company's domestic lenders, a consortium of 19 banks, approved the company's corporate debt restructuring (CDR) package of Rs 95 billion (USD 1.8 billion).
The package includes a two year moratorium on principal & term-debt interest payments; a 3% reduction in interest rates and six month moratorium on working capital interest.
As part of the package Rs 15 billion (USD 270 million) will be converted into equity / equity linked instrument over the next two years to bring stronger financial stability; and, a 10 year door-to-door back-ended repayment plan.
Shares of the company are trading at Rs 18.95, up Rs 0.9, or 4.99% at the Bombay Stock Exchange (BSE) on Friday at 10:31 a.m.
The scrip has touched an intra-day high of Rs 19 and low of Rs 18.45. The total volume of shares traded at the BSE is 2,446,742.
In the earlier session, the shares declined 2.96%, or Rs 0.55, at Rs 18.05. Currently, the stock is trading down 41.42% from its 52-week high of Rs 32.35 and above 28.47% over the 52-week low of Rs 14.75.
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