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Suzlon Energy Ltd, a leading wind turbine manufacturer, today informed the stock exchanges that its promoters had sold about 10 crore shares, or 6.19 per cent of the paid-up capital, for a total consideration of Rs 240.40 crore.
This is part of the funds the promoters are required to bring in for the debt recast scheme approved by the company’s lenders.
In a communication to the exchanges, the company said part of the funds would be infused into the company as required under the CDR mechanism. The balance funds would be used to release the pledged shares by repaying loans taken by the promoters.
After this sale, the promoter group’s holding in the company has come down to 44.46 per cent.
A consortium of 21 banks has approved restructuring Suzlon’s Rs 10,829-crore debt.
At about 1 p.m. today, Suzlon’s shares were down by 4.12 per cent on the BSE at Rs 23.25.
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