Suzlon Energy will infuse up to Rs 400 crore as equity through various securities as part of the proposed restructuring plan. The entities pumping in money include Tulsi Tanti, Shanghvi Finance and Associates.
The board of directors on 27 February 2020 approved a proposal for restructuring debt of the company and its certain identified subsidiaries. Under the debt recast plan, Suzlon Energy will issue securities -- shares, convertible bonds and warrants -- to 17 lenders for converting part of the debt into equity.
Some of the lenders include State Bank of India, Axis Bank, Bank of Baroda, ICICI Bank, IDBI Bank and YES Bank. Suzlon Energy will also dispose of some of its investment, assets and also dilute stake in some of the units in line with the approved plan. However, the company did not specify the assets it will sell to reduce stake.