Open offer is a result of primary investment by DSA in February 2015 and Shareholder’s Agreement between Suzlon Promoters and DSA
Suzlon group, India’s leading wind turbine manufacturer, recently clarified that the open offer made by Dilip Shanghvi Family and Associates (DSA) and the existing promoters (Tanti Family) of Suzlon Energy Limited (Company) to the shareholders of the Company is a mandatory open offer and is in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Open Offer). This Open Offer is pursuant to the shareholder’s agreement signed on 13th February 2015, amongst the Company, DSA and the Tanti Family in respect of preferential allotment of 100 crore equity shares @ Rs. 18 per equity share to DSA (Agreement).
The Open Offer is being made pursuant to an approval received from the Securities and Exchange Board of India (SEBI) on 23rd November 2015, on the draft letter of offer, which was filed with the SEBI for its review and comments on 3rd March 2015. We also wish to clarify that the Open Offer is as per regulatory requirements under applicable laws and is not a fresh open offer or a new exercise. Appended for reference is the announcement pertaining to the execution of the Agreement and the receipt of shareholders’ approval for the preferential allotment of equity shares to DSA.
