Last month, Crisil Ratings upgraded the Rs 4,054 crore worth of bank facilities of Suzlon Energy and removed ‘rating watch with developing implications.’
“The rating upgrade factors in sharp reduction in debt (paying off the entire term debt) done from the proceeds of a recent QIP, ” the agency had noted.
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Even ahead of that the stock had been rallying on the promise of a de-leveraged balance sheet, a strong order-book and a favourable outlook for the wind energy sector following regulatory changes. The stock has delivered a return of 225% in the last six months and closed Tuesday’s session at Rs 26.45.
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