Suzlon Energy allots 31992582 equity shares

Suzlon Energy Ltd has announced that the Company has issued and allotted 3,19,92,582 Equity Shares of Rs. 2 each of the Company at a price of Rs.60 per share as Preferential Allotment to 'IDFC Trustee Company Ltd. A/c. IDFC Infrastructure Fund 3 A/c. IDFC Private Equity Fund III' (IDFC PE). IDFC PE now hold appox. 1.80% of Company's paid-up share capital. These shares have been allotted as per the SEBI Issue of Capital and Disclosure Requirements, Regulations, 2009 (SEBI ICDR Regulations) and are subject to one year 'lock-in' from November 16, 2010 i.e. the date of allotment.

These shares have been issued and allotted to IDFC PE for a consideration other than cash i.e. as Purchase Consideration for purchase 4,12,54,125 equity shares of Rs.10 each (17.1% stake) held by IDFC PE in SE Forge Limited, a subsidiary of the Company. Consequently, SE Forge Ltd. has become a wholly owned subsidiary of the Company.

The stock closed the day at Rs.53.40, up by Rs.1.35 or 2.59%. The stock hit an intraday high of Rs.54.45 and low of Rs.52.25.

The total traded quantity was 43.18 lakhs compared to 2 week average of 20.31 lakhs.

Source : Equity Bulls

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