Three promoters of Suzlon Energy, the world's fifth largest wind turbine maker, have offloaded seven crore shares of their holding representing 4.5 per cent of total stake in the company, for about Rs 700 crore.
The shares were sold by Suzlon chairman and managing director Tulsi Tanti's daughter Nidhi T Tanti, brother Girish R Tanti.
The stake sale is to support operational expenses of cash-starved Suzlon, which is sitting on a debt of close to Rs 12,000 crore, said sources.
Post the sale, total promoter group shareholding in the company has come down to about 53.08 per cent.
"Further details of the transaction and updated shareholding of the aforementioned Promoters shall be intimated in prescribed format to the Stock Exchanges in due course," the company said in a notification to Bombay Stock exchange.
