Suzlon receives shareholder nod for Senvion sale

To issue of 100 cr equity shares on a preferential basis

Wind-energy-turbine maker Suzlon on Monday received a shareholder approval for the sale of its subsidiary Senvion SE to US-based private investment firm Centerbridge Partners. It also got on Monday a nod for Sun Pharmaceutical promoter Dilip Shanghvi’s Rs 1,800-crore equity infusion.

The deal to sell Senvion was finalised in January for a billion euros (Rs 7,200 crore). In February, Shanghvi and his family members signed an agreement to pick a 23 per cent stake in Suzlon for Rs 1,800 core.

Suzlon told a stock exchange on Monday about the approval to divest in Senvion, an issue of 1,000 million equity shares of the company on a preferential basis to certain persons/entities, and a sale of SE Forge Limited, categorised as a non-core asset.

Tulsi Tanti, chairman, Suzlon group, said, “ I am confident the bold decisions taken in the recent past by the company will pave the way for Suzlon’s resurgence. I wish to repeat that these initiatives are in the interest of all stakeholders and aligned to our endeavour of creating maximum shareholder value. We will capitalise on our technological prowess, sustained market leadership of 18 years and best-in-class services to tap the immense growth opportunities in our home market, the US, and other emerging economies. ”