Suzlon says founders sell 2.25% of shares

Suzlon says founders sell 2.25% of shares

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.