Suzlon Energy rises 2% after completion of stake sale in subsidiary co

Post completion of sale, Tornado has ceased to be a subsidiary of the company.

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Shares of Suzlon Energy rose more than 2 percent in the early trade on Tuesday after company completed sale of its subsidiary company.

The company has executed share purchase and shareholders’ agreement with CLP Wind Farms (India) and Tornado Solarfarms, subsidiary of the company for sale of 100 percent stake in its subsidiary company to CLP Wind Farms.

In the first part of the transaction, CLP acquired 49 percent stake in Tornado for a cash consideration of Rs 15.92 crore. In the second part

CLP acquired balance 51 percent stake for a cash consideration of Rs 16.57 crore.
Post completion of sale, Tornado has ceased to be a subsidiary of the company.

The turnover of Tornado in the previous financial year (FY 18) was Rs 6.09 crore, whereas the net worth of as on March 31, 2018 was Rs 14.08 crore.
At 09:26 hrs Suzlon Energy was quoting at Rs 5.49, up Rs 0.07, or 1.29 percent on the BSE.

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