Suzlon Energy is planning to raise R5000 Cr through the issue of securities for meeting its funding needs. The company is awaiting shareholders approval in the upcoming AGM which is scheduled this month.
The debt laden company intends to raise funds through issue of equity shares, ADR, GDR, NCD's, CD's, FCCB's and QIP. The company has chalked out a restructuring programme to restore its business to strong position.
It plans to focus on seven priority areas, to resume its growth trajectory, which include achieving working capital optimisation, disposing of non-critical assets and reduce debt, reducing fixed costs by right sizing organisation and focus on core and profitable markets, among others.
The company was planning to raise up to $400 Mn by selling 15 of its non-core assets to partly retire the debt.
Suzlon was also planning to sell stake in its forging business SE Forge and selling some of their components manufacturing facilities in the country.
Suzlon's consolidated revenues stood at R3,851 Cr in Q1FY14 with a net loss for the period widening to R1,059 Cr from R849 Cr in the first quarter of previous financial year. Its consolidated net debt stood at R13,705 crore as of Q1FY14 .
The company this March raised $647 Mn in overseas bond sale, which was guaranteed by its lead banker SBI as part of its plan to retire its $650 Mn forex loans.
Late January Suzlon managed a R9,500 Cr CDR out of its R14,568 Cr loans from 19 lenders led by State Bank of India.
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Green Infra had announced the acquisition of a majority stake in TVS Energy.
Nagarjuna Agrichem was planning to sell its entire wind business to focus on its core business.
Inox Wind Limited was issuing fresh equity capital of face value R10 to raise R700 Cr from public.
Bengaluru-based mobile development toolkit startup Hansel.io has raised an undisclosed amount of funding from Endiya Partners, a newly floated fund by Sateesh Andhra, an erstwhile Managing Partner at Ventureast.