Suzlon shares tank over 6% on deal to sell German subsidiary Senvion SE
"Suzlon signs binding agreement with Centrebridge Partners LP for 100% sale of Senvion SE," the company said in a statement today.
Shares of Suzlon Energy fell over 6% today after the wind turbine maker announced selling 100% stake in its German subsidiary Senvion SE to US-based Centerbridge Partners for 1 billion euro (about Rs 7,200 crore) in an all-cash deal.
Following this, Suzlon Energy's stock tanked 6 per cent to Rs 16.15 on the BSE despite a positive opening.
On the NSE, it tumbled 6.1% to Rs 16.15.
"Suzlon signs binding agreement with Centrebridge Partners LP for 100% sale of Senvion SE," the company said in a statement today.
The deal is subject to regulatory approvals, it said.
The proceeds will be utilised towards debt reduction and business growth in key markets like the US, India and other emerging markets.