Wind giant Suzlon sells off 2 percent stake

The founders of India's Suzlon Energy (BOM: 532667) have raised $47 million by selling 30 million shares, or a 2 percent stake, at Rs 77 ($1.56) each.

The world's fifth-largest wind turbine maker is expected to use the money to repay a loan and finance the purchase of a wind farm, according to Reuters.

Suzlon's founders, the Tanti family, and their firms hold nearly 66 percent of Suzlon but pledged 43 percent against loans at the end of March.

The founders had reportedly been looking to raise $48 million. The deal was completed within hours of opening.

Suzlon shares on the Mumbai market rose 8 percent to Rs 80.85 on Tuesday—the highest close in nearly seven months. Shares closed at Rs 76.90 today.

The sale may have been targeted at institutions, according to Reuters.

Shares in Suzlon, valued at around $2.5 billion, have outpaced the market in 2009, rising 29.8 percent, while the benchmark index is up 26 percent.

The gains come after a troubled year for Suzlon in 2008, when the stock fell 83.9 percent. In March, the company announced that cracks found in some of its turbine blades in the U.S. would require a retrofit costing $25 million (see Suzlon to spend $25M to fix wind turbines).

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