Wind turbine maker Suzlon Energy on Thursday said bondholders have rejected its proposal seeking four-month extension to repay debt of nearly $221 million.
The Foreign Currency Convertible Bonds (FCCBs) worth $220.8 million (about Rs 11.72 billion) are maturing today.
"I regret to announce that the bondholders' meetings did not achieve the consensus we were hoping for and the four-month extension sought by us has not been granted," Suzlon group chief financial officer Kirti Vagadia said in a statement.
Shares of the company slumped 3.63 per cent to Rs 15.95 in early trade on the BSE.
Suzlon had issued $200 million zero coupon convertible bonds and $20.8 million 7.5 per cent convertible bond. The company on September 18 had sought extension for redeeming these bonds.
Noting that the company expects an acceptable solution at the earliest,