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Suzlon and Senvion sale approved

By: Lewis Holdsworth 24/03/2015 4C Offshore

General Turbines

Wind turbine manufacturer Suzlon yesterday announced it had received approval for the €1bn sale of Senvion, CDR EG (Corporate Debt Restructuring Empowered Group) has backed the sale of Senvion stake, also issuing up to 100 crores(CR) equity shares of the company on preferential basis.

Speaking on the occasion, Mr Tulsi R. Tanti, Chairman, Suzlon Group said: “We thank our shareholders and lenders for their confidence, trust and faith in the strategic vision of Suzlon. I am confident the bold decisions taken in the recent past by the company will pave the way for Suzlon’s resurgence

The buyer, Centerbridge Partners is yet to make a more recent statement. Back in January Managing Director, Stefan Kowski said "We are confident that Senvion will continue its track record, together with the Company’s management, we look forward to supporting its continued development as a profitable and growing company.”

The shareholders approval process was conducted through a postal ballot and all the proposed resolutions were approved by requisite majority. The board of directors came to an agreement to issue up to CR100 equity shares of the Company on preferential basis.

In January Mr Tulsi R. Tanti, spoke about his plan regarding the sale of Senvion: “ The proceeds would be used for debt repayment thereby reducing interest cost and augment business growth."

Crores(CR): Is a unit used in the Indian Numbering System which is equal to ten million.

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Suzlon and Senvion sale approved

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