The promoters of renewable energy major, Suzlon Energy sold a 2.11 percent stake in the company on Wednesday in order to facilitate a corporate debt restructuring plan backed by the banks. The promoters led by chairman Tulsi Tanti sold 3.75 crore shares for about 63 crore in the company.

"As communicated earlier, the company has started the process to comprehensively address its liabilities, inter alia, through the corporate debt restructuring mechanism. As part of this process, the promoters of the company are required to infuse certain funds into the company upfront for successful implementation of the CDR scheme," Suzlon said in a filing with the stock exchange.

Following the stake sale, the promoter group's holding in the company will be reduced to 50.65 percent 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.

The company is struggling in the market due to a fall in demand for its products amid a slowdown in the global economy. There have been some concerns in the market about the company's ability to redeem its bonds over the previous maturity date. The investors and creditors are now carefully watching the company and determine its ability to pay on the maturity of the next bond in October.

Meanwhile, REpower Systems SE, a unit of Suzlon Group, has received a contract spreading across several years from wpd Europe GmbH, a subsidiary of project developer wpd AG. Under the contract, the company will deliver 51 wind turbines to wpd Europe. The two companies also concluded a service and maintenance agreement (ISP) for a total of 15 years for several new projects of the company.