Suzlon Energy gains on repayment extension approval

Suzlon Energy has rallied 3.6% to Rs 18.65 after foreign currency convertible bond (FCCB) holders gave the company extension to repay them.

The FCCB holders approved a 45-day extension for repayment after it sought extension from bondholders to repay FCCBs maturing on June 12.

The company is trying to raise as much as $300 million in foreign currency loans to repay its $360 million liability.

The stock opened at Rs 18 and touched the intra-day high of Rs 18.70. A total of 3 million shares have changed hands on the BSE compared to its two-week average of 5.7 million shares.