Ms Nidhi T. Tanti, Mr Brij J. Tanti and Mr Girish R. Tanti, who are among the promoters of Suzlon Energy, have sold 4.5 per cent of their holdings for Rs 665 crore. The total promoter group shareholding is now 53.08 per cent. The money raised will be used for working capital and other funding requirements.
Company sources said seven crore shares were sold at Rs 95 each. Citigroup was the sole book runner for the transaction targeted at institutional investors. The stake sale would bring in some liquidity as Suzlon has been under stress due to its large debt of about Rs 13,000 crore. Further if the company manages to sell its stake in Hansen Transmissions, it would bring down the debt significantly.
On May 13 and 25, the promoters had sold two and four per cent of their stakes respectively. In the case of the four per cent sale, the Rs 522-crore raised helped complete the long-pending acquisition of REpower of Germany. The shares then were sold at about Rs 87 apiece.crackcrack
Company Name | CMP |
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Havells India | 1657.35 |
Siemens | 6867.05 |
Apar Inds | 9934.25 |
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ABB India | 6923.80 |
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