October 11, 2012 / 9:11 AM / 5 years ago

India's SBI exec says banks to consider Suzlon debt recast

MUMBAI, Oct 11 (Reuters) - Lenders to India’s Suzlon Energy Ltd will look at ways to restructure the debt of the world’s fifth-largest maker of wind turbines to help it repay bondholders, a senior official of the State Bank of India (SBI) said on Thursday.

SBI has around 35 billion rupees ($659 million) of debt exposure to Suzlon, Santosh Nayar, deputy managing director of the country’s largest lender, told Reuters.

Suzlon was poised to default on redemption of more than $200 million in overseas convertible bonds, due on Thursday, after bondholders rejected a four-month extension, sending its shares down as much as 5 percent.

$1 = 53.1350 Indian rupees Reporting by Swati Pandey; Editing by Sunil Nair

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