Companies

Suzlon promoters sell 2.25% stake

Our Bureau Pune | Updated on March 14, 2011




Vinod Ranchhodhbhai HUF and Sanman Holdings Private Ltd, persons forming part of the Promoter Group of Suzlon Energy Ltd today sold four crore (two crore each) equity shares of Rs 2 each of the company, representing approximately 2.25 per cent of the paid-up capital. At Monday's closing price of Rs 46.45 a share, the deal amounts to about Rs 185 crore. Mr Ranchhodbhai is the brother of Mr Tusli Tanti. Following this sale,

the promoter group's holding in the company stands reduced to 54.84 per cent of the paid-up capital. Further, these shareholders have said that the primary intention of the utilisation of these proceeds is to extend financial support to the company subject to approvals. The company plans to use these funds for strategic initiatives.

Published on March 14, 2011

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