Suzlon — which has been struggling to rein in its massive debts, most recently by selling its German turbine unit, Senvion, to US private equity firm Centerbridge Partners for about $1.22bn — will provide Shanghvi with a preferential allotment of one billion new shares.
Suzlon chairman Tulsi Tanti will retain management control and a 24% stake in the turbine manufacturer.
The sale of the stake to Sun Pharmaceutical founder Shanghvi drove Suzlon’s stock up by as much as 18% in trading on the Bombay Stock Exchange on Monday.
The
