Shanghvi, promoters to offer to buy 26% Suzlon stake

Billionaire Dilip Shanghvi- controlled entities, along with promoters of Suzlon, will make an open offer worth Rs 2,837 crore to acquire 26 per cent stake in the wind energy turbine maker.

The offer, that would begin on December 28 and close on January 8, 2016, comes after Shanghvi decided to acquire 23 per cent stake in Suzlon with an equity investment of Rs 1,800 crore. The deal was announced earlier this year.

Shanghvi-controlled entities along with Tulsi Tanti and other promoters of Suzlon would make the open offer to the shareholders for purchasing more than 1,576 million shares, according to a filing to the BSE.

"... With the acquirers, to the public shareholders of Suzlon Energy Ltd for acquisition of upto 157,64,38,113 equity shares of face value of Rs 2 each at a price of Rs 18 per fully paid up equity share," Suzlon has informed BSE today.

IndusInd Bank Ltd is the manager to the open offer.

According to the sources, there was an understanding between Tanti and Shanghvi that the former would have absolute control over the company and the latters’ shareholding will remain below Tantis holding.