Promoters sell 4% holding in Suzlon for REpower stake

The Tanti family, promoters and majority shareholders of Suzlon Energy, today reported the sale of about 60 million shares, or about 4 per cent of the paid up share capital of the company. Post-sale, total promoter group shareholding in the company stands at approximately 60 per cent.
 
Speaking on behalf of the Tanti family, Tulsi Tanti stated: “The  funds raised through the sale of this stake are going to be used primarily to advance inter corporate deposits through promoter group entities to the company to part-finance the buyout of the stake held in REpower Systems AG by Martifer SGPS. This stake sale will ensure that the overall timeline in implementation of REpower integration is not delayed."
 
Tanti added the Promoter Group does not envisage any need for further stake sale in the foreseeable future.
 
He said that investors such as DKR Oasis and Prudential Asia had participated in the stake sale.