The cash-strapped corporation wanted to raise Rs 3,000 crore in April this year in order to refinance its lenders.
According to a regulatory filing, SBI CAP Trustee has bought 52.4 crore shares of Suzlon Energy Limited, a provider of renewable energy.
Suzlon is a maker of wind turbines with its headquarters in Pune. Since its establishment in 1995, the firm has delivered over 12,330 wind turbines on six continents and has 14 wind turbine manufacturing plants in India.
The cash-strapped corporation wanted to raise Rs 3,000 crore in April this year in order to refinance its lenders. According to sources, the new action has boosted SBICAP Trustee’s shareholding in Suzlon Energy Limited to 9.92 percent.
Meanwhile, The report also states that amidst Suzlon Energies’ significant losses over the past few years, a group of 16 banks led by the State Bank of India (SBI) sold the company’s assets earlier this year for more than Rs 8,000 crore to the Rural Electrification Corp (REC) and the government-run Indian Renewable Energy Development Agency (IREDA).
SBICAP Trustee Company Limited (STCL) is a wholly-owned subsidiary of SBI Capital Markets (SBICAPS), a State Bank of India (SBI) subsidiary that specializes in investment banking. It has a paid-up capital of Rs.1.00 crore and an authorized capital of Rs.2.00 crore.
The company also provides a wide range of services such as security trusteeship, debenture trusteeship, trustee for alternative investment funds, pledges trusteeship, will execution facilitator, and so on.