Suzlon Energy Ltd has offered a steeper 68% discount to the banks with an aim to restructure its debt, but the lenders are not impressed with the proposal, sources privy to the matter said.
As per the calculation, the banks are taking a hit of Rs 7,684 crore and settling a Rs 11,300 crore loan for Rs 3,616 crore.
When the mediaperson approached the Pune-based firm, its spokesperson declined to comment on the proposal.
“We have submitted a restructuring plan and it is being reviewed by the consortium of banks. We would not be able to make any specific comment on this,” the spokesperson said.
While presenting its second quarter results in November last year, company CFO Swapnil Jain had said that Suzlon was working along with the lenders towards a holistic debt resolution.
As per the reports, the fresh proposal comprises an assessment on how the debt-ridden firm can sustainably recast. A meeting is scheduled for the next week during which the matter would be discussed, it added.
On Friday, Suzlon Energy shares closed 19.65 per cent higher on the BSE to touch Rs 2.74 a piece over the previous day.
(With input from agencies)