Suzlon Energy on Monday said bondholders have agreed to give the company 45 days more to repay foreign currency bonds maturing in June.
Suzlon, the world's fifth-largest wind manufacturer by cumulative installed capacity, now has until July 27 to repay $360 million of foreign currency convertible bonds. It has to repay another $207 million bonds in October.
Bondholders met on Monday and agreed to an extension that will give Suzlon more time to raise fresh debt for the repayment. The company has also received Reserve Bank of India's permission for the extension.
Suzlon had earlier said it was in advanced stage to raise as much as $300 million in loans to repay bondholders.