Finance

Suzlon Energy defaults on Rs 7,256.38 crore payment obligations

Updated : January 08, 2020 06:39 AM IST

The loans were provided by a consortium of Indian Renewable Energy Development Agency (IREDA) and 18 banks led by the State Bank of India (SBI).

In a statement to the stock exchanges, the company said the total amount of outstanding borrowings from banks and financial institutions was Rs 12,785.17 crore.

Wind turbine major Suzlon Energy Ltd on Tuesday said it has defaulted on its loan obligations of Rs 7,256.38 crore. This includes principal of Rs 6,717.44 crore and Rs Rs 538.94 crore interests accrued thereon.

The loans were provided by a consortium of Indian Renewable Energy Development Agency (IREDA) and 18 banks led by the State Bank of India (SBI), the release said.

In a statement to the stock exchanges, the company said the total amount of outstanding borrowings from banks and financial institutions was Rs 12,785.17 crore.

In July, Suzlon Energy defaulted on a payment of $172 million worth of principal amount related to outstanding bonds. The outstanding principal amount of $172 million was part of a bond issue of $546.91 million.

Shares of Suzlon Energy ended at Rs 3.60, up by Rs 0.32, or 9.76 percent on the BSE.

Suzlon Energy defaults on Rs 7,256.38 crore payment obligations

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