LTP: Rs 66.30
M Cap: Rs 10,321 cr
Beleaguered wind power supplier Suzlon saw delivery volumes jump 74 percent following news that the company had managed to get fresh dollar loans to refinance its $465 million debt payable this month. According to market sources, Axis Bank and State Bank of India will finance this loan, which will be payable at Libor-plus 550 bps within the next five years after an initial two-year moratorium. Following this transaction, Suzion will have raised its stake in Repower to 100 per cent from its present level of
91 per cent. Also in the news was that Indiabulls Financial had hiked its stake in the company to 6.38 per cent from earlier levels of 4.59 per cent following the acquisition of pledged shares. As of September 09, promoters have pledged 43.28 per cent of their stake, amounting to 23.98 per cent of total outstanding. The company still has a net debt of Rs 12,525 crore. Even after the stock having lost 21 per cent last fortnight, the outlook still remains weak.
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