SBI CAP Trustee has acquired 52.4 crore shares in the renewable energy company, Suzlon Energy Limited, the company notified in a regulatory filing.
Based in Pune, Suzlon is a wind turbine manufacturer. Founded in 1995, the company has more than 12,330 wind turbines installed across six continents and 14 wind turbine manufacturing facilities in India. In April this year, the cash-strapped company planned to raise Rs 3,000 crore in order to refinance its lenders.
As per reports, with the recent development, SBICAP Trustee’s equity in Suzlon Energy Limited has increased to 9.92 per cent. While Suzlon Energies have been deep in losses over the past few years, a group of 16 banks led by the State Bank of India (SBI) had sold Suzlon Energy’s assets worth more than Rs 8,000 crore to the Rural Electrification Corp (REC), and the state-owned Indian Renewable Energy Development Agency (IREDA), earlier this year, according to a report by The Economic Times.
However, Suzlon Group recently revealed that the company feels the financial difficulties that afflicted the wind turbine maker are behind it. The company has over Rs 3,000 crore in debt refinances led by REC. The company feels its order book, the pipeline of potential business and government policies will offer support, a senior official said in a Business Standard report.
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It was also revealed that Suzlon is looking to raise Rs 1,200 crore through a rights issue of shares by the fiscal end to pare the refinanced debt of Rs 3,000 crore.