Suzlon promoters offload 4.5% stake for Rs689 cr

Suzlon promoters offload 4.5% stake for Rs689 cr

Mumbai: Wind power major Suzlon Energy on Wednesday said three of its promoters have offloaded 7 crore shares representing 4.50% stake in the company for an estimated Rs689 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% of the paid-up capital of the company on Wednesday, 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 Rs688.80 crore.

Following the sale, the promoter or promoter group holding in the company stands reduced to 53.08% 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% 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 Rs91.10, down 3.67% in morning trade on the BSE.