Stocks

Suzlon sinks to life-time low as promoter cuts stake

Our Bureau Chennai/Mumbai | Updated on November 17, 2011 Published on November 17, 2011

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Selling of shares by FIIs and promoters has pushed Suzlon Energy Ltd to its lowest closing price since its trading debut in October 2005. The Suzlon stock fell 12.5 per cent at Rs 25.60 – an all-time low on the Bombay Stock Exchange.

According to block deal data available with the exchanges, Samanvaya Holdings Pvt. Ltd, one of the founder group firms, sold a 2.08 per cent stake in the wind-turbine maker, or about 3.7 crore shares through in the open market.

Goldman Sachs entities bought 3.68 crore shares worth Rs 100 crore.

Samanvaya Holdings said in a stock exchange filing that its stake in Suzlon fell to about 1.86 per cent from 3.94 per cent. The sale reduced the overall promoter group holding in Suzlon to 52.76 per cent from 54.84 per cent, it said. Samanvaya Holdings sold at an average price of Rs 27.15.

In a separate block deal, Goldman Sachs also sold stake in the company. It sold through Goldman Sachs (India) Securities Private Ltd (about 38.40 lakh shares at an average price of Rs 26.79) and Goldman Sachs Investments Mauritius India Ltd (1.94 lakh shares at an average price of Rs 27.64).

On Wednesday, the company in a disclosure to the stock exchanges, declared that Tanti Holdings pvt Ltd, a promoter group company, had pledged 1 crore shares to IL&FS (on November 9) for raising a loan which was subsequently released on November 11.

According to the shareholding pattern (September quarter) available with exchange, promoter holding stood at 54.84 per cent while that of FIIs 12.23 per cent. Thirty six mutual funds hold 2.92 per cent stake in the company. Retail investors stake stood at 17.17 per cent while HNIs have exposure to the tune of 3.62 per cent.

IDFC Trustee Co and Citicorp have 1.80 per cent and 1.41 per cent stake in the company.

Published on November 17, 2011
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