Suzlon in the green

Suzlon is doing well today morning. The stock is up currently over 3.5% at Rs.12.10, with an intra day high at Rs.12.23.

The stock is buzzing on news that the company has managed to get an agreement for a settlement following its default of $200 million in Oct’12. There is unconfirmed news that the FCCB holders have decided to not move the court after Suzlon agreed to issue fresh 5-year bonds valued at $500 million. These newly issued bonds are guaranteed by a secondary claim on the conpany’s assets. The bonds carry current market price and yields. This will help the company get more time to work its way out of the financial mess.