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Lenders agree to raise stake in stressed wind energy firm Suzlon Energy to 35%

Business Standard  

Indian lenders have approved a plan by wind energy firm Suzlon Energy to convert part of its debt of around INR 4,100 crore into equity that would see the creditors' stake rise to 35%, while promoter Tulsi Tanti's stake would fall to 12.7% from 16% after the dilution. REC, a power sector lender, would pick up 4.3% by giving fresh loans to Suzlon that would be used by the firm to refinance older loans. Suzlon's lead bank, State Bank of India, approved the refinancing proposal on February 16.