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 The founders of wind turbine maker Suzlon Energy Ltd sold about $120 million worth of existing shares in the company at a discount of up to 3 percent to their Friday closing price, according to a term sheet.

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The sellers were offering up to 60 million shares, or 4 percent of the company, at 91.2 rupees to 94 rupees each in a deal handled by Citigroup.

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VCCircle adds:

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In a disclosure to the Bombay Stock Exchange, the wind turbine maker said that its promoter Rambhaben Ukabhai has sold 2.75 crore shares representing 1.84 per cent stake in the firm through an open market transaction on the block deal counter today.

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Girish R Tanti sold 2.35 crore shares or 1.57 per cent stake andNidhi Tanti sold 90 lakh shares representing 0.60 per cent stake in the company today via two separate open market transactions.

The deal amounts to Rs 564.60 crore calculated on the basis of closing price of Suzlon on BSE (Rs 94.10) 

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With this deal, the promoter group holding in Suzlon has come down to about 59 per cent from 65.83 per cent as on March quarter.

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Earlier this month, Ukabhai had sold three crore shares, or two per cent, in the firm through open market transaction.

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Ukabhai now holds about 0.05 per cent stake in Suzlon Energy, while Girish R Tanti and Nidhi Tanti holds 2.64 per cent and one per cent respectively. As on date, the promoters have pledged 25.49 per cent stake in the company.

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