The founders of Suzlon Energy Ltd raised $47 million by selling 30 million shares, or 2 percent stake, at 77 rupees each on Tuesday, two sources with knowledge of the deal said.
The deal was done within hours of opening on Tuesday evening, they said. Citigroup was the sole bookrunner for the deal.
Shares in Suzlon, which the market values at around $2.5 billion, have risen 29.8 percent in 2009 compared to a 26 percent rise in the benchmark index.
The stock had tumbled 83.9 percent in 2008, hit by quality woes, tight liquidity and a plunge in the broader market.