Suzlon Energy at 5% UC

Suzlon Energy had good news to share yesterday after market hours. The stock hit the 5% UC at Rs.2 the moment it opened for trading.

The company announced that the consortium of lenders have unanimously approved the resolution plan.

The company said that State Bank of India, the lead bank of the consortium of lenders, has, vide its email dated 29th March 2020, conveyed that the resolution plan of the Company and its certain identified subsidiaries (the “Resolution Plan”) formulated under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 issued by Reserve Bank of India vide its circular dated 7th June 2019 (the “RBI Circular”), as was approved by it and subsequently circulated to the consortium of lenders, was put to vote by the consortium of the lenders and which has since been approved by 100% of lenders by value, and 100% of lenders by numbers.

The Company is working on finalising various definitive agreements with the lenders.