Suzlon aims to raise $500 million by June

April 30, 2012

Suzlon Energy is aiming to raise as much as USD500 million, mostly through a bond sale, to meet debt payments in June.

India's biggest wind turbine maker began talks with "large, international banks" four weeks ago about selling high-yield bonds, Chief Financial Officer Kirti Vagadia said in a phone interview with Bloomberg.

"All our overseas subsidiaries are practically unleveraged. We want to raise funds against those international assets," he said.

In June USD358 million of foreign-currency convertible bonds mature and the company has said it will raise fresh cash to replay them, including the sale of non-critical assets, by then.

Vagadia re-iterated that Suzlon's wholly owned German subsidairy, REpower Systems is not for sale.

"I've said we want to sell non-critical assets. By definition, Repower is our most critical asset. I think that answers the question," he said.