Wind power company Suzlon Group said its board has approved a cashless restructuring of its foreign currency convertible bonds.
The size of the issue is about $485 million subject to necessary approvals, the company said in a statement issued on Saturday.
The group said the new bonds are due 5 years and 1 day from the date of issue, to mature in financial year 2019-20.
The package "is an optimal solution to our last remaining piece under the comprehensive liability management programme," Kirti Vagadia, Suzlon's group head - corporate finance, said in a statement.
Suzlon Group comprises Suzlon Energy Ltd and its subsidiaries.
Copyright: Thomson Reuters 2014
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
