Suzlon promoters sell 7 crore shares

Wind power major Suzlon Energy said today said three of its promoters have have offloaded 7 crore shares. The shares valued at Rs689 crore represent 4.5 per cent stake in the company.

In its statement to the BSE, the company did not reveal the price at which the shares were offloaded but calculated on the basis of today's opening share price, the deal would be valued at Rs688.80 crore.

With the sale the promoter or promoter group holding in the company has come down to 53.08 per cent of the paid-up capital. The promoters of the company have been divesting heavily since the March quarter of the year. The promoters held 65.83 per cent in the March quarter which reduced to 59.82 per cent in the June quarter.

The filing further said that the promoters intend to provide the funds raised through the stake sale to Suzlon either as debt or equity subject to necessary approvals.