Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Suzlon Energy Climbs 14% on Reports of Majority Stake Sale to Brookfield

Suzlon has offered a one-time settlement proposal to its lenders that entails potential stake sale to Brookfield and a considerable amount of waiver of the debts by lenders including foreign currency convertible bondholders.

Trending Desk

Updated:June 24, 2019, 1:26 PM IST
facebookTwitter Pocket whatsapp
Suzlon Energy Climbs 14% on Reports of Majority Stake Sale to Brookfield
Representative image

Shares of Suzlon Energy Ltd surged over 14% in early trade on Monday on reports that the company is offering to sell majority stake to Canadian investor Brookfield in order to settle loans.

An Economic Times report said Suzlon has told its lenders that Brookfield was keen to acquire a majority stake in it, which would help the company settle its loans if the lenders were to give a waiver.

The report added that Suzlon has offered a one-time settlement proposal to its lenders that entails potential stake sale to Brookfield and a considerable amount of waiver of the debts by lenders including foreign currency convertible bondholders. This could help the loss-making company to scale up its operations and meet the remaining financial obligations.

“Suzlon had interest from a few entities, which lenders knew, but it has decided to go ahead with Brookfield while submitting the one-time settlement offer,” the report quoted a person involved with the development as saying.

Suzlon hopes to complete due diligence in around a month and close the deal in 3-6 months, according to the report.

Suzlon had defaulted in repayment of principal and interest to lenders worth .Rs 412 crore towards term loans and working capital facilities as of end-March.

Suzlon has net term debt, including FCCB, of Rs 7,761 crore, and working capital debt of Rs 3,380 crore. In the latest March quarter, the company managed to narrow its loss to Rs 294.64 crore from Rs 469.85 crore a year ago, mainly due to lower expenses.

Suzlon’s total consolidated income from operations declined to Rs 1,450.47 crore in the fourth quarter, compared to Rs 2,189.18 in the year-ago period, the company said in a BSE filing.

Shares of Suzlon Energy were trading at Rs 5.20 apiece, up 14.3%, on BSE, while the Sensex was down 0.2%, or 80 points, to 39,114.93.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 309.05 6.11
Tata Motors 176.70 1.93
SBI 332.55 3.32
TCS 2,071.25 2.49
Axis Bank 752.00 4.14
Company Price Change %Gain
Indiabulls Hsg 309.30 6.09
Reliance 1,582.45 0.95
Tata Motors 176.65 1.90
SBI 332.70 3.39
Yes Bank 46.65 2.87
Top Gainers
Company Price Change %Gain
Axis Bank 752.00 4.14
Vedanta 149.40 3.75
Hindalco 208.25 3.38
SBI 332.55 3.32
Coal India 196.25 3.21
Company Price Change %Gain
Axis Bank 752.00 4.21
Vedanta 149.35 3.75
SBI 332.70 3.39
TML-D 72.80 3.34
Maruti Suzuki 7,221.35 3.20
Top Losers
Company Price Change %Gain
Dr Reddys Labs 2,821.50 -2.90
Bharti Airtel 427.80 -2.47
Zee Entertain 279.70 -1.62
Kotak Mahindra 1,692.75 -1.33
Bajaj Auto 3,232.90 -0.88
Company Price Change %Gain
Bharti Airtel 427.50 -2.46
Kotak Mahindra 1,691.95 -1.38
Bajaj Auto 3,232.30 -0.88
Asian Paints 1,745.50 -0.31
HUL 2,005.30 -0.06

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results