| Suzlon unit Hansen raises euro 400mn |
| BS Reporter / Mumbai December 7, 2007 |
| Hansen Transmission NV of Belgium, a subsidiary of Suzlon Energy, today raised euro 400 million by issuing 164 million shares in an initial public offering (IPO). According to a release issued by Suzlon today, the issue was priced at GBP 1.75, and conditional dealings commenced on the London Stock Exchange (LSE) under the ticker symbol HSN. Admission to the official list of the LSE is expected to be formalised and trading will become unconditional on 11 December. Suzlon had acquired Hansen Transmissions in May 2006 for euro 431 million. The issue reflects a total post-money market capitalisation at the offer price of approximately GBP 1.14 billion or euro1.60 billion excluding the over-allotment option, the release said. "The company intends to use the net proceeds to fund the expansion of its manufacturing capacity through the construction of integrated manufacturing facilities in India and China," the release added. Hansen is global gearbox designer, manufacturer and supplier with a leading position in the wind turbine gear box market. Commenting on the IPO, Ivan Brems, CEO, Hansen Transmissions, said: "The IPO will help us to achieve our objectives of building upon our strong market position in the wind industry, in particular in the large-scale multi-MW wind turbine sector, and expand our manufacturing capacity to meet increasing global demand from our customer base." Tulsi R. Tanti, chairman and managing director, Suzlon said: "This is a great achievement for Hansen Transmissions. Suzlon |
