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Lenders approve Suzlon's resolution plan
Mumbai, March 30 - Lenders of debt-ridden Suzlon Energy have approved the resolution plan as per the the Reserve Bank of India's June 7, 2019 circular (RBI).
In a regulatory filing, the company said that the resolution plan has been accepted by all the lenders.
Suzlon said that the company is working on finalising various definitive agreements with the lenders.
It said that the plan has been "approved by 100 per cent of lenders by value, and 100 per cent of lenders by numbers".
The other lenders of Suzlon Energy include the Axis Bank, Bank of Baroda, ICICI Bank, IDBI Bank and Yes Bank.
Last July, lenders entered into an inter-creditor agreement with Suzlon with a standstill period of 210 days which expired on January 7, 2020. It was then extended till April 30.
Suzlon had sought to convert Rs 7,700 crore of its debt into convertible debentures, and another Rs 3,600 crore was classified as sustainable which would remain as loans on the book. The remaining portion of debt would continue in the form of non-fund exposure for banks.
Its shares on the BSE settled at Rs 1.91, higher by 4 paise or 2.14 per cent from the previous close.
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