Founders of Suzlon sell 2.25 pct of shares

Founders of Suzlon sell 2.25 pct of shares

The world’s third-biggest wind turbine maker, Suzlon Energy Ltd, said on Monday its founders sold 2.25 percent of the company’s shares.

The proceeds of shares will be used for extending 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’s biggest markets by volume include India, China, and Brazil.

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