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Wednesday, June 20, 2012
Suzlon Ltd: Seems to have bottomed out.......
Suzlon Ltd looks attractive on the chart, as the share price of the company seems to have bottomed out around Rs.17. One can buy the scrip in bulk with a strict stop loss of Rs.16 (exit all). I get from my sources (though unconfirmed), some optimistic news on the company........
The company writes on the notes,"In order to meet the redemption obligations, the management is actively pursuing various options, which include raising of additional finance in the form of debt, high yield bonds, equity, sale of non critical assets etc. Discussions on each of these options is in process and the management is confident that the Company will be able to generate the required funds for redemption within the agreed period". Therefore, it would be too, simplistic and pessimistic to assume that the company would not be able to meet the liabilities on account of foreign currency convertible bonds (‘FCCB’) which are due for redemption during June 2012 and October 2012 (having an aggregate redemption value of USD 568.96 Million or Rs. 2,894.58 Crore approx).
The Company's management has mentioned time and again that it is in the process of tying up funds for redemption of these FCCB liabilities. So, the risk taking investors, can take large chunks of the scrip and wait for the company to declare that it has overcome, the 1st lot of hurdles regarding FCCB issue.