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Suzlon Group has said that it has fully redeemed USD 28.8 million (about Rs 192 crore) foreign currency convertible bonds (FCCBs) via cash payout from internal accruals.
Suzlon has said in a BSE filing that “It has been successfully repaid in cash, FCCBs worth USD 28.8 million in principal amount along with the applicable 8.7 per cent redemption premium”.
Kirti Vagadia, Suzlon Energy Chief Financial Officer has said that”We have redeemed, in cash, USD 28.8 mn FCCBs through internal accruals. Further, most of our remaining debt maturity profile is back ended. This gives us sufficient headroom to meet our operations and growth requirements. Our focused efforts towards debt reduction, liquidity optimisation and business ramp up are bearing tremendous results. There is a visible ramp up in our execution volume, order inflow and resultantly the cash flows.”
In April 2011, Suzlon had issued a 5 year FCCB series for USD 175 million having a 5 percent coupon and April 2016 as maturity date.
