Suzlon promoters sell 6.19 per cent stake

MUMBAI: Suzlon Energy’s promoters have sold almost 11 crore shares of the company, representing 6.19 per cent stake, to raise Rs 240.40 crore, the loss-making wind turbine maker informed bourses on Thursday.

Reacting to the news, shares of the company plummeted 34 per cent to end at Rs 16.05 on the Bombay Stock Exchange. During the intraday trade the share touched a new 52-week low of Rs 13.55, but came off lows on sops for wind energy sector announced in Budget.

The promoters would use part of the fund so raised to infuse in the company as required under the debt recast process, while the balance would be used to remove pledge on shares, the company said in a release.