Mumbai: 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
today'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.
Bureau Report
First Published: Wednesday, September 23, 2009, 14:24