By Mousumi Paul IST (Published)
Mini
The share price of Suzlon Energy hit the upper circuit on Monday amid reports that State Bank of India has approved the company’s proposed resolution plan.
The share price of Suzlon Energy hit the upper circuit on Monday amid reports that State Bank of India has approved the company’s proposed resolution plan.
At 12:06 pm, the stock was trading 8.16 percent higher at Rs 2.65 per share on the NSE.
Under the resolution plan, the company’s Rs 12,700 crore debt will be converted into sustainable and unsustainable debt and will be repaid over 20 years.
Also, the lenders will take a haircut 65 percent on the debt. In the first 10 years, Suzlon Energy will repay sustainable debt, which is 32-35 percent of the total.
SBI approves Suzlon Energy's resolution plan, says report
In its December quarter earnings, the company reported a higher net loss of Rs 1,045.70 crore as against Rs 284.80 crore in the same quarter last fiscal.
Sales plunged 83 percent year-on-year to Rs 67.93 crore from Rs 397.43 crore in the corresponding quarter last year.
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