Suzlon to reset FCCB conversion; seeks nod

Suzlon to reset FCCB conversion; seeks nod

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.

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