Suzlon board okays debt rejig plan to convert loans to equity
Mumbai: Beleaguered-Suzlon Energy’s board has approved a debt restructuring plan that will entail issues of shares, other instruments and divestment of assets, the company informed the bourses late Thursday.
The wind turbine maker also passed an enabling resolution for conversion of loan and debentures into equity. It did not disclose the quantum of the debt that would be converted.
“The board has approved the company’s proposal for restructuring of debt of the company and its certain identified subsidiaries formulated under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 issued by Reserve Bank of India vide its circular dated 7th June 2019,” the company said in the statement.
