Suzlon secondary share sale raises $110 million

Suzlon Energy, India's largest manufacturer of wind turbine generators, yesterday raised Rs5.2 billion $110 million via a secondary share placement that was launched and priced before the opening of the Indian market. The shares were sold by the company's promoters, but the funds raised will be injected into Suzlon in order to meet payment obligations for the acquisition of REpower, a German wind turbine company.

A total of 60 million shares were on offer, at a price between Rs87 and Rs94, representing a discount of between zero and 7.5% to Friday's closing price. One source said that an initial price range of Rs91.2 to Rs94 was discussed, but investor feedback led to a broader range...