Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Suzlon promoters raise Rs 240.40 cr via stake sale

Feb 28 2013, 13:47 IST
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Wind energy major Suzlon today said its promoters have offloaded 6.19 per cent stake in the company. (Reuters) Wind energy major Suzlon today said its promoters have offloaded 6.19 per cent stake in the company. (Reuters)
SummaryWind energy major Suzlon today said its promoters have offloaded 6.19 per cent stake in the company.

Wind energy major Suzlon today said its promoters have offloaded 6.19 per cent stake in the company for Rs 240.40 crore to support its corporate debt restructuring plans.

The promoters have sold 11 crore shares approximately 6.19 per cent stake for a total sum of Rs 240.40 crore, Suzlon said in a regulatory filing to the exchanges.

Following this sale, the promoter group's holding in the company stands reduced to approximately 44.46 per cent of the paid-up capital.

Paid-up capital is the amount of a company's capital that has been funded by shareholders.

"Part of the funds so raised would be infused into the company by suitable mode at the earliest, subject to applicable law to comply with equity infusion requirement under CDR mechanism, which in current liquidity situation would support the operations of the company," it said.

It further said that the balance funds would be utilised to release pledged shares by repayment of loans taken by promoters.

Shares of Suzlon Energy were trading at Rs 23.30, down 3.92 per cent on the BSE.

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