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Suzlon raises $47 mn from stake sale

The founders of Suzlon Energy Ltd raised $47 million by selling 30 million shares, or 2 percent stake, at 77 rupees each on Tuesday. The founders' total holding in the company has now fallen to 63.82. Also Wednesday, Suzlon said the founders will use part of the proceeds of the share sales to repay loans they had taken by pledging the shares. They will also use the proceeds to pay Suzlon for supplying wind turbines to some entities owned by the founders, Tulsi Tanti said in a statement.
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