Sun Pharmaceuticals promoter Dilip Shanghvi family has acquired 23 pc stake in Suzlon Energy for a total consideration of Rs 1,800 crore. The infusion of funds will help the company reduce its debt and also focus on growth.
As per the arrangement, Suzlon will allot 10 million shares on preferential basis to Shanghvi family members and companies owned by him which would result in 23 pc stake holding in the wind-energy major.
Meanwhile, Tanti and family will continue to remain in control of the company because of a pooling arrangement for voting. As of now, stake of Tanti and other promoter entities will decline to 24 pc from 30.94 pc following the acquisition by Dilip Shanghvi and family.
