Suzlon's Belgium unit to fund India, China plans

Belgium-based Hansen Transmission, a Suzlon Energy subsidiary, has raised ¤ 400 million (about Rs 2,300 crore) by issuing 164 million shares through an initial public offering (IPO) to fund plans in India and China.

The issue was priced at 1.75 pounds (Rs 139.7) a share. Conditional trading has begun on the London Stock Exchange (LSE).

"Admission into LSE is expected to be formalised soon and trading will become unconditional from 11 December," Suzlon said in a statement.

Suzlon acquired Hansen Transmissions, a leading wind turbine gearbox designer, in May 2006 for euro 431 million (Rs 2,479 crore).

"Hansen is a world leader in wind gearbox technology and the funds from the IPO will enable the company to expand further and faster, driving innovation and volumes to sustain the rapid growth of the wind energy industry," said Tulsi Tanti, chairman and managing director.