Mumbai: Lenders to the debt-laden Suzlon EnergyNSE -3.57 % have agreed to a restructuring plan that allows the company to convert ₹8,200-crore of loans to long-term optionally converted debentures and preference shares. Lenders have also asked the promoters of the company, led by Tulsi Tanti, to infuse ₹375 crore into the company as equity immediately to activate the restructuring plan, which has been under discussion for the last one year, people familiar with the plan said.
The restructuring plan was finalised at a meeting of lenders on Monday and is to be implemented after the boards of each of the banks ratify it in the next few days. The company owes banks led by State Bank of IndiaNSE -5.89 % (SBI) a total of ₹11,800 crore and has been facing issues with regards to repayments over the last one year.
