The promoters – under Indian corporate law a group comprising directors and others with influence over a company – raised 2.4bn rupees ($44m) through the sale, which will be used to meet the terms of Suzlon’s recent debt-restructuring agreement with its key domestic lenders.
Suzlon’s shares closed 34% lower at 16 rupees following the announcement.
Unveiled in January, the deal under India’s CDR (corporate debt restructuring) mechanism with a consortium of 19 banks saw Suzlon agree a $1.8bn
