Date:18/05/2007 URL: http://www.thehindubusinessline.com/2007/05/18/stories/2007051803580200.htm

Suzlon plans $300-m FCCB issue

Our Bureau

Mumbai, May 17

Wind power major Suzlon Energy Ltd plans to raise $300 million through issue of foreign currency convertible bonds (FCCBs). The bonds will be listed on Singapore Stock Exchange. The five-year FCCBs are convertible at a price of Rs 1,800 per share, which is at a premium of 59.59 per cent over the volume weighted average price of Rs 1,127.90 on the BSE on May 16.

The FCCBs are zero coupon bonds with a yield to maturity of 7.6 per cent calculated on a semi-annual basis. Suzlon is bidding to acquire the German wind turbine REpower Systems AG.