The Hindu Business Line : Suzlon Energy promoters sell 2% stake, raise Rs 230 cr

The company informed the stock exchanges on Wednesday that Ms Rambhaben Ukabhai (mother of Suzlon’s Chairman and Managing Director Mr Tulsi Tanti), sold three crore shares representing 2 per cent of the paid-up capital of the company through an open market block deal. With this, the promoters’ holding in the company comes down to 63.82 per cent.

According to reliable sources, Citigroup was the book runner for the transaction and institutional investors purchased the shares.

The transaction was completed at about Rs 77 a share, according to the sources.

The sources said that the money would be used to redeem some of the shares pledged by the promoters and to make payment of outstanding amounts for wind turbines supplied and installed by Suzlon for some promoter-owned companies.

As of March 31, 2009, the promoters had pledged 43.22 per cent of their holding in the company.

Suzlon’s Rs 2 shares fell nearly five per cent on the NSE on Wednesday to close at Rs 76.90.

Related Stories:
Suzlon adds 57 lakh shares in open interest
Suzlon pays €30 m for REpower stake

More Stories on : Non-conventional Energy | Stocks | Suzlon Energy Ltd

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