Suzlon cuts conversion prices of some bonds

Suzlon cuts conversion prices of some bonds
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First Published: Tue, May 18 2010. 10 34 PM IST
Updated: Tue, May 18 2010. 10 34 PM IST
New Delhi: Suzlon Energy Ltd., India’s biggest maker of wind turbine generators, has cut the conversion prices of some bonds after getting regulatory approval.
The conversion price of the $300 million (Rs1,368 crore) zero- coupon convertible bonds due in June 2012, was cut to Rs97.26 a share from Rs359.68, Suzlon said on Tuesday in a statement to the Bombay Stock Exchange (BSE). The price for the $200 million zero-coupon convertible bonds due in October 2012, was changed to Rs97.26 a share from Rs371.55.
The floor price for both sets of bonds was set at Rs74.025 per share while the fixed exchange rate was changed to Rs44.60 a dollar, Suzlon said, without giving the previous rate.
Suzlon’s board approved a plan to cut the prices after the government in February allowed companies to make the changes for foreign currency convertible bonds issued before 27 November 2008. Companies were given six months to make the change.
Suzlon shares on Tuesday fell 1.019% to close at Rs63.95 on the BSE, while the benchmark Sensex declined 0.24% to 16,875.76.
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First Published: Tue, May 18 2010. 10 34 PM IST