Dilip Shanghvi to Buy Equity Worth Rs 1,800 Crore in Suzlon

Posted By: Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    New Delhi, Feb 14 (PTI) Wind turbine maker Suzlon Energy has signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore.

    "Post allotment, DSA shareholding in Suzlon Energy will be 23 per cent shares (based on current shareholding), while the Tanti Family will hold 24 per cent shares," Suzlon Energy said in a statement.

    Dilip Shanghvi to Buy Equity Worth Rs 1,800 Crore in Suzlon

    Management control will remain with the Tanti family by virtue of pooling arrangement for voting.

    "This financial investment is in sync with the Prime Minister's long-term vision and immense potential of the renewable energy market.

    "While we believe Suzlon has the potential to emerge as a global leader in the renewable energy space from India, it will take substantial and sustained effort on part of the management team to achieve a significant operating performance improvement," Dilip Shanghvi said.

    "These bold steps will strengthen our capital structure permanently, enabling significant deleveraging and liquidity to ramp up volumes rapidly.

    "We are convinced that the support from Dilipbhai Shanghvi and family will help in creating a long-term sustainable value for our stakeholders," Suzlon Group Chairman Tulsi Tanti said. 

    PTI

    Read more about: dilip shanghvi suzlon
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more