12.03.13

Suzlon Energy Ltd: Update on equity issuance under CDR

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- Allotment of equity to lenders under CDR
- Initiates process for shareholder approval through postal ballot
- Will increase total share base from ~177 cr to ~219 cr by April, 2013
- Will improve l everage position in terms of d ebt to equity ratio


Pune: Suzlon Group, the world’s fifth largest wind turbine maker, today announced
the approval of the Board for various decisions pertaining to equity issuance under the CDR scheme. Under these, th e company will seek approval of shareholders through postal ballot for key measures, including the allotment of equity to lenders under the CDR scheme, increase in share capital of the company and sale of undertakings.

Speaking on the development,Mr Kirti Vagadia CFO, Suzlon Group, said: “While this is an important step for the company to complete the various aspects of the CDR scheme, it is also a key step towards improving the financial health of the company. We anticipate that with these steps we will, by mid April 2013, improveour leverage position in terms of our debt-to-equity ratio. “We believe that by our lenders taking an equity position, in addition to providing critical financial support, is an important signal of the ir confidence in our fun damental viability as a business, and our long term outlook. Along with the other enabling resolutions around the acquisition of outstanding shares in a subsidiary and approval for sale of undertakings, these steps will help us realise greater efficiencies and continue to normalize our business.”
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Notes to the editor:
The conversion price for share issuance to lenders will be Rs 18.51 per share,
determined as per SEBI’s preferential pricing guidelines assuming 31st December, 2012 CDR approval date as the Relevant Date. With these steps, and the approval for increase in the authorized share capital of the company, the total share base is projected to increase from ~177 cr to ~219 cr by April, 2013, and ~291 cr by September, 2014 Attached please find full notification on the Board approval by circular dated 8th February, 2013


Suzlon Energy Limited
One Earth, Hadapsar, Pune
411 028, India
Registered Office “Suzlon”, 5, Shrimali Society, Navrangpura, Ahmedabad
380 009, India

About Suzlon Group:
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 across32 countries and a workforce of approximately 13,000. The Group offers one of the most comprehensive product portfolios ranging from sub megawatt onshore 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 Limited and its subsidiaries, including REpower Systems SE. Visit us at
www.suzlon.com
Source:*BTM Consult ApS -  A part of Navigant Consulting World Market Update 2012.

Press Contact:
Kashmira Powale, Edelman PR
Mobile: +91 98675 20721
Tel: +91 (22) 4353 0227
Email: kashmira.powale@edelman.com

Investor Relations Contact:
Dhaval Vakil, Suzlon Energy Limited
Investor Relations, Mumbai
Tel: +91 (22) 6639 3252
Email: dhaval.vakil@suzlon.com
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