Nearly Rs 230 crore has been raised by the Tanti family - the founders of wind turbine company Suzlon Energy Ltd in India – through the sale of almost 2 percent of its over 65 percent stake in Suzlon. Targeted at institutional investors, the sale transaction had Citigroup as the bookrunner. 

In a Wednesday statement issued with regard to the sale of stake, Suzlon said that it had sold 30 million shares; however, the family stopped short of elaborating further on the price aspect of the transaction.

According to the Suzlon chairman Tulsi Tanti, the pledge of shares done by the family would cater to advancement in the interest of the company, either directly or via group companies that invest in connected businesses.

Tulsi Tanti said: “The funds raised through the sale of the stake are going to be used in part to make payment of certain outstanding amounts for wind turbines supplied and installed by Suzlon for some promoter-owned entities, and in part to repay monies borrowed by the promoter group against pledge of shares of the company held by us.” 

Stock exchange filings reveal that that the Suzlan founder-family pledged holdings amounting to 43.22 percent of the company against loans taken towards the end of March.