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Suzlon to Allot 16.9 Crore Shares to Bondholders

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suzlon, Fund raising, Shareholders approval

New Delhi: Wind turbine maker Suzlon Energy on Wednesday said it will allot over 16.88 crore shares to bondholders upon conversion of some bonds that are due in July 2019.

Little more than 16.88 crore equity shares have been allotted upon conversion of 43,332 step-up convertible bonds worth $43,332,000 at a conversion price of Rs 15.46 per share, the company said in a regulatory filing.

Notices for conversion were received by Suzlon from "certain bondholders of the $546,916,000 step-up convertible bonds due July 2019".

The allotment was approved by the securities issue committee of the company's board during its meeting on Wednesday. After the allotment, the company's paid-up capital stands at over Rs 741.54 crore.

Shares in the company declined nearly 2 per cent to close at Rs 26.60 on the BSE.

Suzlon has been grappling with tough business conditions amid stiff competition and global economic uncertainties.

In February, the company had announced sale of 23 per cent stake to Dilip Shanghvi Family and Associates for Rs 1,800 crore.

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