Tulsi Tanti, Sun Pharma promoters to invest Rs 400 cr in Suzlon Energy
The promoters and associates of Suzlon Energy Ltd will infuse upto Rs 400 crore as equity into the troubled renewable energy sector company through various securities as part of a debt restructuring plan.
Tanti Holdings Private Limited (promoter), Shanghvi Finance Pvt. Ltd and associates will infuse capital in company.
The board of directors, in a late night meeting on Thursday, approved the proposal for restructuring the company’s debt and certain identified subsidiaries, Suzlon Energy said its filing with BSE.
Under the approved debt recast plan, the Tulsi Tanti-controlled entity will issue securities – shares, convertible bonds and warrants – to 17 lenders for converting of part of debt into equity. Some of the lenders include State Bank of India, Axis Bank, Bank of Baroda, ICICI Bank, IDBI Bank and Yes Bank.
