suzlon-secondary-share-sale-raises-110-million

Suzlon secondary share sale raises $110 million

The companyƆs promoters raise capital to meet payment obligations for the acquisition of REpower.

Suzlon Energy, India's largest manufacturer of wind turbine generators, yesterday raised Rs5.2 billion $110 million via a secondary share placement that was launched and priced before the opening of the Indian market. The shares were sold by the company's promoters, but the funds raised will be injected into Suzlon in order to meet payment obligations for the acquisition of REpower, a German wind turbine company.

A total of 60 million shares were on offer, at a price between Rs87 and Rs94, representing a discount of between zero and 7.5% to Friday's closing price. One source said that an initial price range of Rs91.2 to Rs94 was discussed, but investor feedback led to a broader range...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222