Suzlon to sale Senvion & issue 100 Crores equity shares on preferential basis

Suzlon Group has  announced that it has received approval of the company shareholders for the following strategic initiatives as approved by the Board of Directors:·        

Divestment of Senvion SE, Germany to Centrebridge Partners

To issue upto 100 crores equity shares of the Company on preferential basis in terms of ICDR Regulations to certain persons / entities

Sale of non-core asset namely SE Forge Limited

To make investments, give loans, guarantees and provide securities beyond the prescribed limits

The shareholders’ approval process was conducted through a postal ballot and all the proposed resolutions were approved by requisite majority.

Suzlon also received the approval from CDR EG (Empowered Group) for the sale of Senvion stake as well as to issue upto 100 crores equity shares of the company on preferential basis.

Speaking on the occasion, Mr Tulsi R. Tanti, Chairman, Suzlon Group said:  “We thank our shareholders and lenders for their confidence, trust and faith in the strategic vision of Suzlon. I am confident the bold decisions taken in the recent past by the company will pave the way for Suzlon’s resurgence. I wish to reiterate that these initiatives are in the interest of all stakeholders and aligned to our endeavour of creating maximum shareholder value. We will capitalize on our technological prowess, sustained market leadership of 18 years and best-in-class services to tap the immense growth opportunities in our home market, USA and other emerging economies. ”