Suzlon Energy is in the limelight today morning. The stock, in fact has been gaining for the last 2 days and has risen over 10% in the period. The Renewable Energy has fallen by -4.20% but Suzlon has outperformed the sector by over 14%.
The stock is up on unconfirmed news report in Bloolmberg, which said that the company has offered to repay about Rs.8500 crore to lenders as part of a bad-debt resolution plan.
The settlement plan backed by Vestas Wind Systems A/C is the only bid in front of lenders after Brookfield Asset Management Inc. dropped out of the race.
Creditors led by State Bank of India will have to take a haircut of as much as 44% on Suzlon’s debt if the offer is accepted.
The company is yet to confirm this news.
Last month, it missed payments on its dollar-denominated convertibles.