Suzlon Energy has sold a 35% stake in Hansen Transmission, its Belgium-based subsidiary, through a secondary placement of depository interest for $370 million, as part of the company's efforts to retire debt.
AE-Rotor Holding BV, an indirect subsidiary of Suzlon Energy, which bought Hansen three years earlier, has completed a secondary placement of about 236 million shares, Suzlon said in a statement.
With the sale, Suzlon's remaining interest in Hansen has declined to 26% from more 61%.
The sale will not result in changes in the composition of Hansen's board.
SOURCE: Suzlon
