Suzlon promoters sell off 2.25 per cent stake
15 Mar 2011
Wind power major Suzlon Energy on Monday said two of its promoters have sold 2.25 per cent stake in the company.
Two entities -Vinod Ranchhodhbhai HUF and Sanman Holdings Private Ltd - who are part of the company's promoter group have sold a total of four crore shares, which translate to a stake of about 2.25 per cent, the firm said.
In a regulatory filing, Suzlon said these shares, having a face value of Rs2 each, were sold on Monday. The financial details were not disclosed; but based on Monday's closing price of Rs46.45, the stake would be worth about Rs186 crore.
"Following this sale, the promoter group's holding in the company stands reduced to 54.84 per cent of the paid-up capital," the filing said.
The proceeds would be used for strategic initiatives, it added. "The primary intention of the utilisation of these proceeds is to extend financial support to the company by suitable mode," it said.
Suzlon, the world's third largest wind turbine supplier, had slumped into a loss of Rs253.57 crore in the quarter ended 31 December 2010. In the year-ago period, the firm had a profit of Rs14.10 crore.