Suzlon Energy, world"s fifth largest wind
turbine supplier, dropped on Thursday after the company said the
bondholders has rejectedthe company"s request for extensionof
payment on Foreign Convertible Currency Bonds (FCCBs) due in
October 2012.Suzlon, on Sep. 18,2012, requested bondholders for a
four month extension of October FCCBs to allow it to close various
financing measures and meet its redemption obligations in complete
alignment with all stakeholders.Further the company said it will
not be able toredeemthe zero coupon bonds due on October 11 and
interest bearing bonddue on October 18.Kirti Vagadia, chief
financial officer, Suzlon Group, said, "I regret to announce today
that the bondholders" meetings did not achieve the consensus we
were hoping for and the four-month extension sought by us has not
been granted.""We firmly believe that the interests of all our
stakeholders are best served by driving business performance, and
therefore our primary focus is to capitalize on our strong business
fundamentals, maintaining order momentum, and delivering on Project
Transformation to create a leaner, more efficient and agile global
organization.We continue to enjoy the support and confidence of our
secured lenders for our business objectives. We believe our ongoing
engagement with them and our bondholders continues to be both
constructive and progressive, and geared towards addressing our
liabilities and our overall capital structure in a holistic manner.
We expect that an acceptable solution for all stakeholders will be
arrived at the earliest possible," Vagadia said.
Shares of the company are trading at Rs
15.95, down Rs 0.6, or 3.63% at the Bombay Stock Exchange (BSE) on
Thursday at 9:55 a.m.The scrip has touched an intra-day high of Rs
16.30 and low of Rs 15.70. The total volume of shares traded at the
BSE is 1,270,764.In the earlier session, the shares fell 3.5%, or
Rs 0.6, at Rs 16.55. Currently, the stock is trading down 59.21%
from its 52-week high of Rs 39.10 and above 8.14% over the 52-week
low of Rs 14.75.
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