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Suzlon Energy defaults on borrowings worth Rs7,256.38cr

Suzlon Energy defaults on borrowings worth Rs7,256.38cr

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The company’s filing said that the loans were given by a consortium of 18 banks led by the State Bank of India and Indian Renewable Energy Development Agency (IREDA).

Suzlon Energy, on Tuesday, notified that it has defaulted on loans worth Rs7,256.38cr due on March 19, 2019.

The company’s filing said that the loans were given by a consortium of 18 banks led by the State Bank of India and Indian Renewable Energy Development Agency (IREDA).

The filing stated that the nature of the loans lent to the company included fund-based working capital, non-fund based working capital, term loans and standby letter of credit.

The company’s total amount of outstanding borrowings from banks and financial institutions stands at Rs12,785.17cr.

Suzlon Energy Ltd ended at Rs3.60 up by Rs0.32 or 9.76% from its previous closing of Rs3.28 on the BSE.

The scrip opened at Rs3.49 and touched a high and low of Rs3.60 and Rs3.45 respectively. A total of 2,57,37,559 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs1,915.12cr.

Source: indiainfoline
Anand Gupta Editor - EQ Int'l Media Network

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