Renewable energy major, Suzlon Energy has announced that it is appointing Amit Agarwal as the new Chief Executive Officer (CEO) of Suzlon Energy today.

The appointment of Agarwal as the CEO of Suzlon Energy will allow Kirti Vagadia to better focus on the financial position of the entire group. Vagadia was also looking for the role of Chief Financial Officer of Suzlon since the exit of Robin Banerjee in May of 2012. Agarwal, who is taking over the company at a crucial stage, will directly report to the chairman of the group, Tulsi Tanti.

Chairman Tanti said, "We are delighted to be bringing someone with Amit's credentials and experience in a highly competitive market segment as the CFO of Suzlon Energy. Amit's previous role, as CFO of Essar Steel, has given him rich and extremely relevant experience that I know we will now benefit from."

Recently, the promoters have sold 6.19 per cent stake in the company to raise about Rs 240.40 crore.

The promoters of the company Girishbhai Ranchodbhai Tanti, Tanti Holdings and V R Tanti HUF sold 10.995 crore equity shares and raised about Rs 240.4 crore. The shares presented about 6.19 per cent of the loss making wind turbine maker.

The company indicated that the stake was sold to facilitate a corporate debt restructuring plan backed by the banks. Following the stake sale, the promoter group's holding in the company will be reduced to 44.46 per cent of the paid-up capital. The promoters have said that the funds raised by the stake sale will be used to settle debt of the company. There have been some concerns in the market about the company's ability to redeem its bonds over the previous maturity date.