Suzlon raises $202 million via GDRs, bonds
21 Jul 2009
Suzlon Energy, the world's fifth largest wind turbine maker, today said it has raised $202 million (about Rs 971 crore) through the issue of global depositary receipts and convertible bonds. The development comes close on the heels of Tata Steel taking the GDR route to raise funds.
The Tanti-family promoted firm said it would issue 14.6 million GDRs at $7.4 (Rs89.55) each, raising $108 million. Each GDR would represent four equity shares of the company. It has also raised $93.87 million through issue of zero coupon convertible bonds, the company said.
Suzlon launched the GDR issue on Monday and initially hoped to raise $175 million through this route, according to reports.
According to the terms of issue, each GDR would entitle the holder to get it converted into four equity shares. The GDRs will be listed on Luxembourg Stock Exchange. The proceeds of the GDR will be used to deleverage the balance sheet of Suzlon.