Suzlon bondholders approve extension of June FCCBs

The Suzlon Group, the world's fifth-largest wind-turbine maker, on Monday said that the holders of the June tranche of FCCBs (foreign currency convertible bonds) have approved its proposal for an extension of maturity date until July 27.

"Our bondholders have approved our request for upto a 45-day extension of maturity on our June tranche of FCCBs. The resolutions were approved today," Suzlon Group chief financial officer Kirti Vagadia said in a statement. "The company has also received permission from RBI for the extension of FCCBs," he said.
"We requested for extension to ensure that there is adequate time to obtain approvals and to close administrative documentation necessary to complete this refinancing exercise. The process is on track. Along with our plans to divest non-critical assets, we are confident of meeting our near-term FCCB obligations," he said.