Wednesday, April 4, 2012

Cash Strapped: Suzlon selling windfarms

Just two months before Suzlon Energy’s repayment period for its first tranche of first foreign currency convertible bonds worth Rs 1,500 crore comes due, the wind turbine maker today said it plans to sell a bulk of its wind energy assets for Rs 200 crore.

Reacting tot he news, the stock dipped 2 percent at Rs 25.20 on the BSE.

In a press release to BSE, Suzlon Group, said it has sold a block of its wind farms, most of which are located in Tamil Nadu for $40 million. The deal is expected to be completed by Mid-May, after the due diligence and required approvals.

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