Shareholders of Indian wind turbine maker Suzlon have approved all debt restructuring resolutions for the company.
The resolutions were voted upon by postal ballot following the company’s Extraordinary General Meeting.
Suzlon chief executive J P Chalasani said: “We are pleased with the outcome of the shareholder’s approval, where they have whole heartedly supported all the resolutions, clearing the path for completion of our debt restructuring process.
“Stakeholders have demonstrated confidence in the company by confirming to infuse equity.”
He said Suzlon is set to begin operations post “completion of formalities” and as the lockdown in India, due to the coronavirus pandemic, is eased.
Suzlon chief financial officer Swapnil Jain added: “We are grateful to all our lenders, bondholders and key stakeholders for having faith and standing by the company to work towards a holistic debt resolution in these challenging times.
“With trimmed debt and new equity infusion, the capital structure of the company will get fixed, and we shall be back in business.”
In late March of this year the State Bank of India and other unnamed lenders approved Suzlon’s debt resolution plan.
Previously, in February, Suzlon’s board approved the measures that include the proposed sale of shares, the selling off of unspecified assets and changes to the company’s articles of association.
Suzlon is currently carrying some €1.5bn in debt and posted a loss of RS743 crores (€95m) for the quarter ending 31 December 2019.