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Suzlon says founders sell 2.25% of shares

Suzlon says founders sell 2.25% of shares
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First Published: Mon, Mar 14 2011. 08 18 PM IST
Updated: Mon, Mar 14 2011. 08 18 PM IST
Mumbai: Suzlon Energy Ltd, the world’s third-biggest wind turbine maker, said on Monday its founders sold 2.25% of the company’s shares, and would use the proceeds to extend financial support to the company.
Suzlon, which has been the subject of occasional reports of a possible sale, also said proceeds from the share sale will be used for strategic initiatives.
In a statement to the stock exchange, the company said it been informed that Vinod Ranchhodhbhai and Sanman Holdings Private Ltd, sold 2.25% on 14 March.
The founders hold 54.84% after the share sale, it said.
Last week, Spain’s Gamesa denied reports it was planning to buy a stake in Suzlon and said it does not plan to form a partnership with it either. The Indian company had also denied any stake sale plans.
Suzlon has posted four consecutive quarters of losses and has seen its stock drop 38% in the past year. Shares of Suzlon closed down 2.3% at Rs46.45 on Monday.
The company’s biggest markets by volume include India, China and Brazil.
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First Published: Mon, Mar 14 2011. 08 18 PM IST
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