Suzlon surges 9% ahead of lenders meet on CDR package

World's fifth largest wind turbine supplier Suzlon Energy rallied as much as 9 percent to touch an intraday high of Rs 19.60 on Friday as the lenders will meet today to discuss CDR package.

The Financial Express reported that the lenders to debt-ridden Suzlon will meet on Friday to discuss its corporate debt restructuring (CDR) package.

The report says, "Though Suzlon's Rs 11,000 crore debt has been admitted into the CDR cell, the company's recast package has not yet been approved by the lenders. Over the last few weeks the monitoring committee or the largest lenders to Suzlon, including SBI and IDBI Bank, have been meeting to thrash out the finer details of the package. This will now be presented to the rest of the consortium on Friday."

At 12:40 hours IST, the stock rose 8.36 percent to Rs 19.45 amid heavy volumes. In the previous trading session, the share gained 2 percent to close at Rs 17.95.

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