Suzlon share price is reaching new highs after being hit hard by global recession.
In a related development the promoters Tulsi Tanti and family did offload 4 percent of their stake for a total value of Rs 569 crore. This will help part-finance the buy-out of the stake held in Suzlon's German subsidiary, REpower Systems AG, by Martifer SGPS of Portugal.
Total shares sold - 60 million shares
Current Holding now is 60 percent for the promoters
Here is who sold the stake
Rambhaben Ukabhai - 27.5 million shares i.e. 1.84 per cent stake
Girish R Tanti - 23.5 million shares i.e 1.57 per cent stake
Nidhi Tanti - 8.62 million shares i.e 0.60 per cent stake.
Here is what Tulsi Tanti had to say “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 buy-out 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," said Tulsi Tanti, chairman and managing director of Suzlon”
Companies which bought the stake are DKR Oasis and Prudential Asia
Suzlons stake in Repower is now 83%