Suzlon Energy rose 2.53% to Rs 13.77 at 10:08 IST on BSE after the company said its shareholders have approved the corporate debt restructuring package.
The announcement was made after market hours on Friday, 12 April 2013.
Meanwhile, the BSE Sensex was down 48.05 points, or 0.26%, to 18,194.51.
On BSE, 9.23 lakh shares were traded in the counter as against an average daily volume of 1.02 crore shares in the past one quarter.
The stock hit a high of Rs 13.98 and a low of Rs 13.62 so far during the day. The stock had hit a record low of Rs 13.20 on 22 March 2013. The stock had hit a 52-week high of Rs 26.90 on 6 February 2013.
The stock had underperformed the market over the past one month till 12 April 2013, sliding 17.61% compared with the Sensex's 6.76% fall. The scrip had also underperformed the market in past one quarter, falling 30.59% as against Sensex's 7.23% fall.
The small-cap company has an equity capital of Rs 355.47 crore. Face value per share is Rs 2.
Suzlon Energy's corporate debt restructuring (CDR) package includes a two year moratorium on principal and term-debt interest payments; a three per cent reduction in interest rates; six month moratorium on working capital interest.
As part of the package, Rs 1500 crore (two year's interest payment during moratorium) will be converted into equity or equity linked instrument over the next two years to bring stronger financial stability; and, a 10 year door-to-door back-ended repayment plan.
The package also includes an enhancement of working capital facilities, by approximately Rs 1800 crore, allowing the company to accelerate the execution of its strong orderbook.
The group's promoters will also bring in equity to the extent of Rs 250 crore into the company in stipulated time frame, of which Rs 62 crore has already been infused.
In January 2013, Suzlon received approval from a consortium of 19 banks to recast its debt.
Suzlon Energy reported consolidated net loss of Rs 1154.53 crore in Q3 December 2012, higher than net loss of Rs 286.46 crore in Q3 December 2011. Net sales fell 19.5% to Rs 4013.66 crore in Q3 December 2012 over Q3 December 2011.
The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity, at the end of 2011. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with installations of over 21,000 MW and operations across 32 countries and a workforce of approximately 13,000. The Group offers one of the most comprehensive product portfolios - ranging from sub-megawatt on-shore turbines at 600 Kilowatts (KW), to the world's largest commercially-available offshore turbine at 6.15 MW - with a vertically integrated, low-cost, manufacturing base. The Group - headquartered at Suzlon One Earth in Pune, India - comprises Suzlon Energy and its subsidiaries, including REpower Systems SE.
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