Suzlon Energy, which on Monday received bondholders' approval to extend the maturity date of Foreign Currency Convertible Bonds, is in advanced stage of raising up to $300 million (about Rs 1,671 crore).
The wind turbine maker in a statement on Monday that said it was in "advanced stage of raising up to $300 million as new facilities from senior secured lenders".
According to the company, the short-term extension would allow the company to finalise refinancing package.
Meanwhile, bondholders have approved the extension of the
FCCBs maturity date to July 27.
The company's FCCBs worth $568.96 million are due for redemption during June and October this year.
Suzlon Group Chief Financial Officer Kirti Vagadia said the bondholders have approved "our request for up to a 45-day extension of maturity on our June tranche of FCCBs".
"We requested for extension in order to ensure that there is adequate time to obtain the requisite approvals and to close administrative documentation necessary to complete this refinancing exercise," he noted.
"I am happy to report that the process is on track and, along with our plans to divest non-critical assets, we are confident of meeting our near term FCCB obligations," Vagadia emphasised.
The resolutions were approved by significant majorities, with 100 per cent and about 93 per cent of bondholders who voted in June, 2009 and June, 2007 series, respectively, favouring extension.
The company has to bring forward the payment to a nearer date, by providing five days notice to bondholders.
"We have also received the necessary permission from the RBI for this extension. We believe this underscores the strong relationship we have built with our bondholders and banks, and their confidence in our plans," Vagadia said.
Shares of Suzlon rose 1.11 per cent to close at Rs 18.20 on the BSE.
In the three months ended March 2012, Suzlon reported a net loss of Rs 300.24 crore, mainly on account of higher interest costs and lower revenues.
It had a net profit of Rs 211.05 crore in the year-ago period. These figures are post deductions of share in associate's profit and minority interest.
The company had net debt of Rs 11,165 crore at the end of March, 2012.
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