Suzlon arm to sell 35 per cent in Netherlands's Hansen Transmissions
19 November 2009
Wind energy major Suzlon's indirect subsidiary in the Netherlands, AE-Rotor Holding BV, will sell 35 per cent equity in Belgium's Hansen Transmissions to private equity investors.
Suzlon Energy, which currently holds 61 per cent in Hansen through AE-Rotor Holding, plans to sell the stake through a secondary placing of about 235 million depository interests.
The company has appointed Bank of America Merrill Lynch and Morgan Stanley as managers and joint book-runners for placing of depository interests in Hansen.
Hansen has a market capitalisation of around 777 million pounds and the stock closed at 116 pence on the London Stock Exchange on Wednesday.
At the current value of the shares, the sale of stake in Hansen would fetch Suzlon around 272 million pounds.
"In view of the current global economic climate, Suzlon has proactively undertaken strategic and financial initiatives to develop a sustainable capital structure," Hansen said in a regulatory filing with the LSE.