JOIN USSuzlon reported a sale of approximately 60 million shares, or about four per cent of the paid-up share capital of the company, a statement issued here said. “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,” Suzlon Energy Chairman & Managing Director Tulsi Tanti said.
Suzlon is in the process of acquiring Hamburg-based REpower Systems AG and has agreed to pay 270 million euros to buy Martifer’s 22.4 per cent stake in REpower. The total promoter group shareholding, post the sale, stands at approximately 60 per cent.
“This stake sale will ensure that the overall timeline in implementation of REpower integration is not delayed,” Tanti said. He said the promoter group does not envisage any need for further stake sale in the foreseeable future. Suzlon already controls 91 per cent voting rights in REpower through an existing agreement with Martifer.