Suzlon bosses sell 2 per cent stake for $47 million

13 May 2009

The founders of wind turbine maker Suzlon Energy Ltd raised $47 million by selling 30 million shares, or a 2 per cent stake, at Rs77 each on Tuesday, according to a Reuters report which could not be officially confirmed. Suzlon was known to be looking to sell the stake to raise funds.

The deal was done within hours of opening on Tuesday evening, the report said. Citigroup was the sole bookrunner for the deal.

Meanwhile, Suzlon Energy cut its debt liability by 22 per cent after swapping and buying back convertible bonds.

The nominal outstanding amount was reduced to $389 million from $500 million after the company waived the minimum consent conditions for the June 2007 and October 2007 bonds, Suzlon said in a statement to the Bombay Stock Exchange on Monday.

Suzlon said it will pay a total of $11.8 million as incentive fee to the holders of the June 2007 bonds who approved an amendment resolution on an offer to change the terms of the debt at a meeting on 29 April.