BRIEF: Suzlon's promoter group sells stake
MUMBAI, Dec 26, 2012 (Menafn - Mint - McClatchy-Tribune Information Services via COMTEX) --Tulsi Tanti, chairman and managing director of Suzlon Energy Ltd, said Wednesday the company's promoter group sold a 2.11% stake for about Rs.63 crore.
Suzlon's promoters will infuse funds as part of the company's corporate debt restructuring (CDR) process, it told BSE Ltd. The promoter group's holding has fallen to 50.65% following the sale.
The company plans to use the money for operations and debt reduction.
On 30 October, Mint reported that Suzlon, which had debt of Rs.13,017 crore at end-June, decided to suspend its guidance for this fiscal. Despite strong fundamentals and a 7.2 billion order book, liquidity constraints, a volatile market and the debt recast will hurt performance, the company said.
It had earlier forecast revenue of Rs.27,000-28,000 crore for fiscal 2013 and a margin on earnings before interest and tax of 6%.
Suzlon, which has lost money for three years, failed to repay 209 million of debt on 11 October after bondholders rejected its request for a four-month extension. The default was the biggest on convertible bonds by an Indian firm.
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