In a massive block deal, the promoters of Pune-based renewable energy company, Suzlon Energy Ltd on Monday sold over 19.81 crore shares of the company worth ₹1,309 crore. The deal executed in the premarket window was initiated by the company’s promoter group.
The shares of the company were sold at ₹66.05 per share which is slightly below Monday’s closing price of ₹67.22. Tanti Holdings Pvt Ltd offloaded 6.69 crore shares, while chairman and managing director Vinod Tanti sold 5.28 crore shares. Similarly, Ramjibhai Tanti sold 5.08 crore shares and Rambhaben Tanti also sold 2.75 crore shares as part of the deal to sell about 1.4 per cent of equity stake in the company.
Before the deal, the promoter and promoter group held a 13.25 per cent equity stake in the company. The rest of the equity is held by retail and institutional investors.
This deal could reduce the holdings of the promoters below 12 per cent.
Goldman Sachs Funds bought the maximum 5.82 crore shares of the company, followed by Motilal Oswal Mutual Fund (4.54 crore shares) and Aditya Birla Sun Life Mutual Fund (3.02 crore shares). Among the others and Societe Generale bought 73.97 lakh shares, Morgan Stanley 30.28 lakh shares besides insurance companies such as Edelweiss Life Insurance, Future Generali India Life Insurance, ICICI Prudential Life Insurance and Bajaj Allianz Life Insurance.
The stock on Monday closed at 0.6 per cent higher at ₹67.14 on the BSE and during the day it rose as high as ₹68.29.