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| Suzlon shrugs off Hansen sale; closes down |
| BS Reporter / Mumbai Nov 20, 2009, 15:53 IST |
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Suzlon closed at Rs 73, lower by Rs 2 or 2%, on the BSE.
The stock had opened a Rs 77 and touched a high of Rs 78 and a low of Rs 69 during the day.
The counter registered trading volumes of 28.14 million shares as against the two-week average of 19.02 million shares.
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(Updated at 1058 am)
Suzlon has moved up on news that the company has sold a 35.22 per cent stake in Belgium-based subsidiary, Hansen Transmission.
The stock is trading at Rs 76, higher by nearly 2% on the BSE. It had opened at Rs 77, and has touched a high of Rs 78 and a low of Rs 74 thus far.
The sale took place through a secondary placement of depository interest for $370 million (Rs 1,729 crore).
AE-Rotor Holding BV (AERH), a wholly-owned indirect subsidiary of Suzlon Energy, which bought Hansen three years earlier, has completed a secondary placement of about 236 million of depository interest at 95 pence each, Suzlon said in a statement.
With the sale, Suzlon’s holding in Hansen has declined to 26.06 per cent from over 61 per cent. The sale would not result in changes in the composition of the board in Hansen.
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