Suzlon Eyes ₹3,000 Cr Debt Raise From Offshore Market

Wind turbine maker Suzlon is reportedly in discussions with Deutsche Bank to borrow $350 million (₹2,896.47) from the offshore market.

What Happened? The renewable energy firm is looking to raise the debt to prepay its existing debt and for capital expenditure, Economic Times reported. The borrowings will be over and above the ₹2,000 crore it is raising via non-convertible debentures domestically.

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The reported talks come a day after Suzlon was awarded a major 300 megawatt (MW) order in Karnataka from Torrent Power Limited, sending the former’s shares surging.

Suzlon has had issues with borrowings in the past, undergoing several debt restructurings with banks and paying off its liabilities through the sale of assets.

Price Action: After a bull run, Suzlon’s shares lost some steam, dropping 1.49% to ₹9.90 in morning trade on Thursday.

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Posted In: EquitiesBondsMarketsSuzlonTorrent Power