In another separate statement to the exchanges, the company also clarified that none of the promoter shares held in Suzlon
have been invoked. “Further, the promoters’ shareholding in the company has been pledged for collaterally securing the obligations of the lenders of the company, and not towards securing promoters’ personal borrowings. The pledge, too, is not mark-to market,” the statement sent to the BSE
added. As of December 2018, promoters to the company held 19.79 per cent of its shares, of which 15.18 per cent have been pledged.
The company’s debt burden has been a concern, both with the analysts and rating agencies. According to Capitaline data, the company’s total debt was at Rs 10,312.8 crore as of September 2018. It paid an interest cost of Rs 652.79 crore for the September quarter, and an interest cost of Rs 1,581.0 crore for the financial year of 2017-2018, or FY18.
in its November 2018 rating action on Suzlon noted $172 million worth of foreign currency convertible bonds (FCCB) were due for redemption in July this year.” If the same is not converted, there would be additional debt burden on the already tight liquidity position of the company,” the note added. Of the total FCCBs worth $547 million, Suzlon has converted FCCBs of $375 million up to September 30, 2018.