Suzlon Energy has tanked as much as 44% to Rs 15.80, also its new low on BSE, after the wind energy major said its promoters have offloaded around 110 million or 6.19% stake in the company for a total consideration of Rs 240.40 crore.
"Part of the funds would be infused into the company under corporate debt restructuring (CDR) mechanism and balance funds would be utilised to release pledged shares by repayment of loans taken by promoters," Suzlon Energy said in a regulatory filing.
Following this sale, the promoter group's holding in the company stands reduced to approximately 44.46% of the paid-up capital, the company said.
The stock opened at Rs 24.45 and hit a high of Rs 25.30 on BSE. A combined 154 million shares have changed hands on the counter on BSE and NSE.
"Part of the funds would be infused into the company under corporate debt restructuring (CDR) mechanism and balance funds would be utilised to release pledged shares by repayment of loans taken by promoters," Suzlon Energy said in a regulatory filing.
Following this sale, the promoter group's holding in the company stands reduced to approximately 44.46% of the paid-up capital, the company said.
The stock opened at Rs 24.45 and hit a high of Rs 25.30 on BSE. A combined 154 million shares have changed hands on the counter on BSE and NSE.
