BTM Consult ApS – A part of Navigant Consulting – World Market Update 2012. Date: 8th March 2013
Allotment of equity to lenders under CDR
Initiates process for shareholder approval through postal ballot
Will increase total share base from ~177 cr to ~219 cr by April, 2013
Will improve leverage position in terms of debt-to-equity ratio
Pune: Suzlon Group, the world’s fifth largest wind turbine maker, today announced the approval of the Board for various decisions pertaining to equity issuance under the CDR scheme.
Under these, the company will seek approval of shareholders through postal ballot for key measures, including the allotment of equity to lenders under the CDR scheme, increase in share capital of the company and sale of undertakings.
Speaking on the development, Mr Kirti Vagadia – CFO, Suzlon Group, said: “While this is an important step for the company to complete the various aspects of the CDR scheme, it is also a key step towards improving the financial health of the company. We anticipate that with these steps we will, by mid-April 2013, improve our leverage position in terms of our debt-to-equity ratio.
“We believe that by our lenders taking an equity position, in addition to providing critical financial support, is an important signal of their confidence in our fundamental viability as a business, and our long term outlook. Along with the other enabling resolutions around the acquisition of outstanding shares in a subsidiary and approval for sale of undertakings, these steps will help us realise greater efficiencies and continue to normalize our business.”
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