Mumbai: Wind turbine major Suzlon Energy
today said it will sale its 35 per cent stake in the Belgian
company, Hansen Transmissions.
Suzlon, which holds a 61 per cent stake in Hansen through
its Netherlands-based subsidiary AE-Rotor Holding BV, would
sell 35 per cent stake in Hansen through a book-building
process, Suzlon said in a filing to the Bombay Stock Exchange.
Suzlon has appointed BfA Merill Lynch and Morgan Stanley
as the managers and joint book-runners for the sale, it added.
The market capitalisation of Hansen stands at around 777
million pound and the stock closed at 116 pence on the London
Stock Exchange yesterday.
Calculated on the basis of the current market valuation
of Hansen, the sale would fetch Suzlon around 272 million
pound.
In a regulatory filing to the LSE, Hansen said, "in view
of the current global economic climate, Suzlon has pro-
actively undertaken strategic and financial initiatives to
develop a sustainable capital structure.
Shares of Suzlon were trading 2.52 percent up at Rs 75.20
on the BSE today at the time of filing this report.
The proposed stake sale would not have any impact on the
long-term supply arrangements that Suzlon and its subsidiaries
have with Hansen, the Belgian company said.
Bureau Report
First Published: Thursday, November 19, 2009, 15:14