Dilip Shanghvi for Rs 1,800 crore equity in Suzlon; Q3 results in red

Saturday, Feb 14, 2015,18:43 IST By metrovaartha A A A

New Delhi | Wind turbine maker Suzlon Energy has signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore. Post allotment, DSA shareholding in Suzlon Energy will be 23 per cent shares (based on current shareholding), while the Tanti Family will hold 24 per cent shares, Suzlon Energy said in a statement.
Management control will remain with the Tanti family by virtue of pooling arrangement for voting.
Meanwhile, Suzlon today reported a widening of consolidated net loss at Rs 6,538.68 crore for the third quarter ended December 2014 on the back of sale of its overseas subsidiary Senvion. The company had reported a loss of Rs 1,075.25 crore in the corresponding period a year ago. Its total income declined marginally to Rs 4,977.18 crore during the October-December quarter as against Rs 5,052.2 crore in the third quarter of FY14.