Advertisement

HindustanTimes Sat,12 Jul 2014

Promoters offload 4.5% Suzlon stake for Rs. 689 cr

PTI  Mumbai, September 23, 2009
First Published: 20:32 IST(23/9/2009) | Last Updated: 20:44 IST(23/9/2009)
Wind power major Suzlon Energy on Wednesday said three of its promoters have offloaded 7 crore shares representing 4.50 per cent stake in the company for an estimated Rs. 689 crore.

Advertisement

Three promoters of Suzlon — Nidhi T Tanti, Brij J Tanti and Girish R Tanti — have sold around 7 crore equity shares amounting to 4.50 per cent of the paid-up capital of the company today, Suzlon said in a filing to the Bombay Stock Exchange. Although the company did not disclose the price at which the shares were offloaded, but calculated on the basis of Wednesday’s opening share price the deal value amounts to Rs. 688.80 crore.

Following the sale, the promoter or promoter group holding in the company stands reduced to 53.08 per cent of the paid-up capital.

The promoters of the company have been on a selling spree since March quarter of this year. In the March quarter the promoter holding stood at 65.83, which got reduced to 59.82 per cent in the June quarter.

The filing further said these promoters intend to provide the funds raised through the stake sale to Suzlon either in form of debt or equity subject to necessary approvals.

Shares of the company were trading at Rs. 91.10, down 3.67 per cent in morning trade on the BSE.

“The proceeds raised through the sale of minor stake are intended to be used primarily to infuse funds into the company as unsecured debt or equity,” chairman Tulsi Tanti said.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved