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Suzlon Approves Cashless Restructuring of Some Convertible Bonds

Wind power company Suzlon Group said its board has approved a cashless restructuring of its foreign currency convertible bonds.

The size of the issue is about $485 million subject to necessary approvals, the company said in a statement issued on Saturday.

The group said the new bonds are due 5 years and 1 day from the date of issue, to mature in financial year 2019-20.

The package "is an optimal solution to our last remaining piece under the comprehensive liability management programme," Kirti Vagadia, Suzlon's group head - corporate finance, said in a statement.

Suzlon Group comprises Suzlon Energy Ltd and its subsidiaries.

Copyright: Thomson Reuters 2014