Suzlon board okays issuance of NCDs worth Rs 4.4K cr under debt recast plan

Suzlon Energy’s board on Monday approved the proposal to issue worth Rs 4,453.01 crore under its debt restructuring plan.

However, the company’s board of directors have deferred approval of financial results for June quarter till August 28, 2020.

The approval of financial results was one of the agenda listed for the meeting scheduled on Monday.

In its meeting held on Monday, the board of directors of the company approved the issuance of to an extent of Rs 4,453.01 crore on private placement basis to Suzlon Global Services Limited, the wholly-owned subsidiary of the company, as part of restructuring of debts with the lenders, subject to approval of the shareholders, the company said in a BSE filing.

It said the company and its subsidiaries have recently concluded a comprehensive debt restructuring and issued various convertible and optional securities pursuant to the same.

The company and the auditors are in the process of finalising the valuation of such securities.

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In view of the same, the meeting has been adjourned by the chairman to Friday (August 28) to consider and approve the unaudited financial results for the quarter ended June 30, 2020 on a standalone and consolidated basis along with the auditors’ limited review report, it added.

The board also approved appointment of Per Hornung Pedersen as an independent director of the company for a second term of five years with effect from September 28, 2020 till September 27, 2025, subject to approval of the shareholders.

Pedersen has more than 40 years of experience in various managerial and executive positions, primarily with listed in the construction, packaging and telecom Industry.

He is chairman of the board in PNE AG, Cuxhaven, an independent director in Swire Oilfield Services, London and senior advisor to McKinsey.

The board also informed that the 25th Annual General Meeting of the company will be held on September 25, 2020 through video conferencing/other audio visual means.

The trading window of the company, which is closed till Wednesday (August 26), would continue to remain closed till Sunday (August 30) and shall reopen on August 31, 2020, it added.