×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Suzlon to reset FCCB conversion; seeks nod

Suzlon to reset FCCB conversion; seeks nod
Comment E-mail Print Share
First Published: Fri, Feb 26 2010. 11 37 PM IST
Updated: Fri, Feb 26 2010. 11 37 PM IST
Mumbai: Suzlon Energy Ltd will take shareholder approval to reduce the conversion price of $500 million (Rs2,310 crore) in foreign currency convertible bonds (FCCBs) issued by the company in 2007, Suzlon said in a statement on Friday. This follows a government notification allowing firms that issued FCCBs before 27 November 2008 to reset the conversion price to a level as close as possible to market price.
The board approved a reduction in the conversion price of $300 million in zero-coupon convertible bonds issued on 11 June 2007 and due June 2012 and $200 million in zero-coupon convertible bonds issued on 10 October 2007 and due October 2012, the company said in a notice to the Bombay Stock Exchange.
Comment E-mail Print Share
First Published: Fri, Feb 26 2010. 11 37 PM IST
More Topics: Suzlon | FCCB | Bonds | Money Matters | Bonds |