Suzlon promoters sell 2.25 pc stake

Suzlon Energy today said two of its promoters have sold 2.25 per cent stake in the company.

Wind power major Suzlon Energy today 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 4 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 Rs 2 each,were sold today.

However,the financial details were not disclosed.

Based on today’s closing price of Rs 46.45,the stake would be worth about Rs 186 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. “The primary intention of the utilisation of these proceeds is to extend financial support to the company by suitable mode…,” it added.

Suzlon,the world’s third largest wind turbine supplier,had slumped into a loss of Rs 253.57 crore in the quarter ended December 31,2010.

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In the year-ago period,the firm had a profit of Rs 14.10 crore.