Suzlon Energy plans to raise Rs 2000 crore via NCDs – EQ Mag
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Mumbai : Suzlon Energy plans to raise over ₹2,000 crore by selling non-convertible debt instruments in its wholly owned subsidiary Suzlon Global Services, and is in talks with JP Morgan for the same, two people in the know said. The renewable energy company will use proceeds from the issue to prepay its term debt, one of them said. Suzlon Energy had a debt of ₹2,035 crore, as of December 2022.
The fundraising follows the early redemption of $35,931,200 foreign currency convertible bonds (FCCBs), which were due for payment in 2032.
A Suzlon spokesperson declined to comment on the proposed fundraising but said that as an organisation, they are always exploring strategic ways of enhancing their balance sheet.
A JP Morgan spokesperson declined to comment.
After five years, Suzlon Energy was able to report a positive profit after tax on an operational basis in Q2FY23. The company has undergone several restructurings with its lenders since FY18 due to the large debt pile-up.
Source: PTI
