Suzlon gets investors’ nod to sell German arm Senvion1 min read . Updated: 23 Mar 2015, 11:59 PM IST
Suzlon had earlier announced selling Senvion to Centrebridge Partners for a minor loss, mainly to cut debt
New Delhi: Wind turbine maker Suzlon Energy on Monday said it has received shareholders’ nod for the sale of its German arm Senvion and issue up to 1 billion equity shares on a preferential basis.
“Suzlon receives shareholders and CDR EG’s (corporate debt restructuring empowered group) approval for Senvion sale and issue of up to 100 crore (1 billion) equity shares on preferential basis," the company said in a filing to BSE. Earlier, debt-laden Suzlon had announced selling its German subsidiary Senvion to US-based venture capital fund Centrebridge Partners for a minor loss, mainly to cut debt.
Suzlon had acquired Senvion (earlier known as REpower) for over 7,300 crore in 2007.