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Last Updated : Jul 11, 2019 05:56 PM IST | Source: Moneycontrol.com

Brookfield mulls majority stake in debt-ridden Suzlon: Report

The firm is consulting with a financial advisor to evaluate the deal which would include acquiring stake by buying new shares and putting up open offers for existing shareholders

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Canadian investment firm Brookfield Asset Management Inc. might make an offer to acquire a majority stake in Pune-based wind turbine supplier Suzlon Energy, as per a Bloomberg report.

Brookfield is in talks with Suzlon's creditors to discuss possible debt restructuring for the manufacturer's $1.6 billion worth of pending banks loans under a one-time one-time settlement plan.

As per the report, the firm is consulting with a financial advisor to evaluate the deal which would include acquiring stake by buying new shares and putting up open offers for existing shareholders.

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The investment firm has further asked the lenders led by the State Bank of India, to take a haircut of at least 50 percent on the loans. A formal offer is expected by July-end, the report stated.

The deal is could be especially vital for Suzlon's lenders given that CARE Ratings downgraded the manufacturer's long-term bank facilities from BB to D in April 2019.
First Published on Jul 11, 2019 05:49 pm
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