The State Bank of India (SBI) on September 3 disclosed a typographical error in its earlier disclosure, which claimed Suzlon Energy promoter had created an additional pledge of 5.53 percent in favour of Adani Green Energy. In its recent disclosure, SBICAP Trustee clarified that the typographical error occurred in the target company's name and that the additional pledge has been created in favour of SBICAP Trustee and not Adani Green Energy.
With this, the total equity pledged with SBICAP Trustee has increased to 9.92 percent. Suzlon Energy Limited is an Indian multinational wind turbine manufacturer and renewable energy solutions provider based in Pune, India.
"SBICAP Trustee has recently reported creation of encumbrance over the shares held by the Promoters in the Company in favour of SBICAP Trustee in terms of Regulation 29(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011," Suzlon Energy said in a regulatory filing on September 5.
"Please note that, inadvertently; SBICAP Trustee had mentioned name of ‘Adani Green Energy Limited’ as the ‘Target Company’ in its reporting, instead of ‘Suzlon Energy Limited’. The said error has since been rectified by SBICAP Trustee," it added.
Earlier this year, a group of 16 banks, led by SBI sold more than Rs 8,000 crore of Suzlon Energy loans to Rural Electrification Corp (REC) and state-owned Indian Renewable Energy Development Agency (IREDA), The Economic Times reported.
However, Suzlon Group recently revealed that the company feels the financial difficulties that afflicted the wind turbine maker are behind it. The company has over Rs 3,000 crore debt refinances led by REC. The company feels its order book, pipeline of potential business and government policies will offer support, a senior official said in a Business Standard report.
It was also revealed that Suzlon is looking to raise Rs 1,200 crore through a rights issue of shares by the fiscal end to pare the refinanced debt of Rs 3,000 crore.
At 9:40 am on September 5, shares of Suzlon Energy were trading at Rs 10.57 apiece on the BSE, up 19.98 percent, while the benchmark Sensex was at 59,148.67, up 345.34 points or 0.59 percent.
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