MUMBAI - Suzlon Energy Ltd, the world's third-biggest wind turbine maker, said on Monday its founders sold 2.25 percent of the company's shares, and would use the proceeds to extend financial support to the company.
Suzlon, which has been the subject of occasional reports of a possible sale, also said proceeds from the share sale will be used for strategic initiatives.
In a statement to the stock exchange, the company said it been informed that Vinod Ranchhodhbhai and Sanman Holdings Private Ltd, sold 2.25 percent on March 14.
The founders hold 54.84 percent after the share sale, it said.
Last week, Spain's Gamesa denied reports it was planning to buy a stake in Suzlon and said it does not plan to form a partnership with it either. The Indian company had also denied any stake sale plans.
Suzlon has posted four consecutive quarters of losses and has seen its stock drop 38 percent in the past year. Shares of Suzlon closed down 2.3 percent at 46.45 rupees on Monday.
The company's biggest markets by volume include India, China and Brazil.
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