Suzlon Energy in the green
Suzlon Energy has been among the top five gainers on the BSE since the opening bell. The stock, which had closed on Friday at Rs.2.74, opened in the positive at Rs.3 and went on to hit an intraday high at Rs.3.12, a rise of over 14.5%.
News in the media is that the creditors to the company might have finalized a debt resolution plan wherein the lenders are OK to convert more than 50% of the total debt into new debt. The balance will be the haircut to be taken by the lenders. The plan also includes creating an escrow account for the company to help complete its pending projects.
SBI, PNB, Union Bank and Bank of Baroda are the major lenders of which PNB is said to be against this plan.
The relief for the market is that this news, though unconfirmed yet, means that Suzlon might not go insolvent if it has gone via the NCLAT route.
This resolution plan to said to be put in place before 31st Jan.
There is no official word on this from the company.