Suzlon promoters sell shares worth Rs 178 cr

Source :BS Reporter / Mumbai March 15, 2011, 0:03 IST



Tulsi Tanti-owned Suzlon Energy has announced that two of its promoters sold 40 million shares in the company today, which accounts to 2.25 per cent of its paid-up capital.


Vinod Ranchhodhbhai HUF (Hindu undivided family) and Sanman Holdings Pvt Ltd, who form a part of the promoter group, sold two crore shares each. With this, the promoter group’s holding in the company reduced to 54.84 per cent of the paid-up capital.





“These shareholders have indicated to the company that primary intention of the utilisation of these proceeds is to extend financial support to the company by suitable mode, subject to applicable law, the company approving the same and receipt of all requisite approvals. The company plans to use these funds for strategic initiatives,” Suzlon said in a press release.

According to data available on the National Stock Exchange under the block deals, the promoters sold their shares at Rs 44.7 per share, thereby raising around Rs 178 crore.


Suzlon’s stock went down by 2.3 per cent in today’s trade, closing at Rs 46.4 per share, according to data available on the Bombay Stock Exchange.


The company refused to divulge details on the class of investors who have bought the shares. However, data available on NSE shows that Morgan Stanley Mauritius company bought 39 million shares today at Rs 44.7 per share.


In intra-day trade, the same company also sold 4.8 lakh shares of Suzlon at Rs 46.1 per share.
Analysts say that a year-and-a-half ago, Suzlon used the same strategy of selling promoter equity to retire some of its debt. However, this time around after its debt restructuring last year, its next payment is due only a year later.

Suzlon plans R&D centre, listing in China

Source :BS Reporter / Mumbai September 14, 2010, 1:05 IST

Suzlon Energy, the wind turbine major, has big plans in China, though these may take some time to put through. These include a research and development centre and listing its Chinese subsidiary, Suzlon Energy (Tianjin) Ltd, on the Hong Kong Stock Exchange, in a few years.


The move is to take advantage of the local market and increase localisation to compete with Chinese rivals, news reports from China said today, quoting Suzlon’s chairman and managing director, Tulsi Tanti. He was talking to reporters on the sidelines of the World Economic Forum meeting in Tianjin, China.



There are medium-term plans to list the Chinese subsidiary, but Tulsi Tanti did not specify any time frame. Suzlon is the world’s largest wind energy turbine maker and is listed on the Bombay Stock Exchange.



It is yet to finalise location and size of investment for the R&D Centre, said the reports. A few weeks earlier, it had opened a new R&D centre in Germany. It also has one at its Pune headquarters.


Present in China since 2006, it is the eighth largest wind energy company there. China added 13.7 Gigawatts (a Gw is 1,000 Megawatts) last year and with an installed capacity of 25.85 Gw of wind energy, is one of the fastest growing markets in the world. The annual growth rate is 115 per cent, said Suzlon executives.


They declined to reveal the size of annual revenues from China. Suzlon has a manufacturing unit in Tianjin and a marketing office in Beijing. 


It employs about 800 people in that country. Its subsidiary, REpower, in which Suzlon holds over 90 per cent stake, has an assembling unit in China and employs 100 people in that country. Suzlon’s installed capacity in the country is 530 Mw, said a company spokesperson.


He said REpower, a specialist in making offshore turbines, was exploring a joint venture to make these in China with a local partner.

SEBI imposes Rs 30 lakh fine in Suzlon IPO case

Source :12 May 2010, 2238 hrs IST,PTI


MUMBAI: Market regulator SEBI today debarred one Chandrakant Amratlal Parekh from dealing in the stock market for one year for his alleged involvement in cornering shares meant for retail investors of Suzlon during its IPO.

"Chandrakant Amratlal Parekh (will) be restrained from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a period of one year," SEBI said in an order.

SEBI further asked Parekh to pay Rs 30,85,262 within 45 days or else he would be debarred for a further seven years.

Suzlon came out with its initial public offer in 2005.