SBICAP Trustee Company has acquired 52.4 crore shares in the renewable energy company, Suzlon Energy Limited and not Adani Green Energy, the company notified in a regulatory filing. "There was a typographical error in the name of the Target Company," SBICAP Trustee said an exchange filing September 2.
Based in Pune, Suzlon is a wind turbine manufacturer. Founded in 1995, the company has more than 12,330 wind turbines installed across six continents and 14 wind turbine manufacturing facilities in India. In April this year, the cash-strapped company planned to raise Rs 3,000 crore in order to refinance its lenders.
As per reports, with the recent development, SBICAP Trustee’s equity in Suzlon Energy Limited has increased to 9.92 per cent. While Suzlon Energies have been deep in losses over the past few years, a group of 16 banks led by the State Bank of India (SBI) had sold Suzlon Energy’s assets worth more than Rs 8,000 crore to the Rural Electrification Corp (REC), and the state-owned Indian Renewable Energy Development Agency (IREDA), earlier this year, according to a report by The Economic Times.
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