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Suzlon repays $780-mn loan for Hansen acquisition
Suzlon Energy, India’s biggest maker of wind-turbine generators, said it has reduced its borrowings by 15 per cent after it paid back $780 million (Rs 3,645 crore) used to acquire Hansen Transmissions International NV. - Suzlon repays $780 million of acquisition loan - Government launches incentive scheme for wind energy projects - F&O OUTLOOK: Indecisiveness spreads to stocks futures - Indecisiveness spreads to stocks futures - Tanti says Suzlon to seal $2.8 bn refinancing Deal - Suzlon Energy rises 4.7% The Ahmedabad-based company said it paid the debt partly from funds raised after it sold a 35 per cent stake in Hansen Transmissions last month. Suzlon also borrowed $465 million (Rs 2,103 crore) from State Bank of India, the nation’s largest bank, to repay the loan, the company said in an e-mailed statement today. Suzlon, which battled falling orders last year after reports of faulty equipment, said this week that it plans to refinance $2.8 billion of debt by the end of next month. The wind turbine maker raised £224 million ($363 million) in November from the stake sale in Belgium-based Hansen Transmissions to pare its $3.1 billion debt. “The company’s high debt has been a big concern and this repayment brings confidence to investors,” said Chintan Mewar, analyst at Mumbai-based Finquest Securities Pvt. “Suzlon needs to do more.” Mewar has an outperform rating on the stock. Last month’s sale valued the Belgian maker of wind-turbine gearboxes at about $1.1 billion, compared with the ¤465 million ($691 million) Suzlon paid in March 2006. It owned 61 per cent of the company before the sale last month, Suzlon said in an e-mailed statement on November 19. Suzlon rose as much as Rs 1.5, or 1.8 per cent, to Rs 84.4 a share in Mumbai trading today.Payday cash loan commented:
Suzlon\'s decision to take over the hansen for Rs 2511 Cr is really very nice and it will make them technically more strong and this information is very much informative.
16.11.2011
no credit check loans commented:
Suzlon is very big company in manufacturing the many wind turbine tools and this decision of their to Acquisit Hansen is very nice.
18.11.2011