Suzlon has announced that holders of the June series of FCCBs on Monday approved the company's proposal for an extension of maturity date till July 27.
Mr Kirti Vagadia, Chief Financial Officer, Suzlon Group said: “I am very pleased that our bondholders have approved our request for up to a 45-day extension of maturity on our June tranche of FCCBs. The resolutions were approved with 100 per cent and approximately 93 per cent of bondholders who voted in the June 2009 and June 2007 series, respectively, being in favour of the extension. We have also received the necessary permission from the RBI for this extension.”
In a statement, Suzlon said it had requested for extension in order to ensure adequate time to obtain the requisite approvals and to close administrative documentation necessary to complete this refinancing exercise.
The measure extends the maturity date of the June series, with the option for the company to bring forward the payment to a nearer date, by providing five days notice to bondholders.