Suzlon energised to become top gainer

Suzlon Energy is currently the top gainer on the BSE, up 6% at Rs.14.79, much closer to its intra day high at Rs.14.95. It is also pretty close to its 52-week high of Rs.15.10.

The stock, which has been hogging the limelight last week, is back in the spotlight today after it announced that the German subsidiary of the company, Senvion SE has signed a fresh agreement with a consortium of banks for an additional working capital facility of €100 million or around Rs.820 crore. This will be for a period of 3 years, thus taking its total financing to €850 million.

This agreement was signed with a consortium of banks - BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG. Suzlon’s consolidated debt currently stands at around Rs.15,000 crore and a CDR to the tune of Rs.9500 crore was approved. It had ended Q3FY14 with a net loss of Rs.1075 crore.