Suzlon dips on stake sale by promoters for CDR process
The promoter group have sold 37.5 million shares today for a total consideration of approximately Rs 63 crore.
Suzlon Energy has dipped over 3% at Rs 17.30 in an otherwise firm market after the company said that its promoters have sold part of their stake to raise around Rs 63 crore for corporate debt restructuring (CDR) process.
“Tulsi Tanti, chairman and managing director of the company on behalf of the promoter group have sold 37.5 million shares today for a total consideration of approximately Rs 63 crore representing around 2.11% of the paid-up capital of the company,” Suzlon Energy said in a statement.
The promoters group holding in the company stands reduced to 50.65% of the paid-up capital, it added.
The promoters held 52.76% stake in the world's fifth largest wind turbine supplier at the end of September 2012 quarter.
The promoters have informed the company that they would infuse the funds into the company by suitable mode at the earliest, subject to applicable law to comply with equity infusion requirement under CDR mechanism, the company said.
The stock opened at Rs 17.95 and hit a low of Rs 16.75 on the NSE. A combined 57.74 million shares have changed hands on the counter till noon deals on the NSE and BSE.