Promoters offload 4.5% Suzlon stake for Rs 689 cr | business | Hindustan Times
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Promoters offload 4.5% Suzlon stake for Rs 689 cr

business Updated: Sep 23, 2009 20:44 IST

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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.

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.