Suzlon raises $552 mln with equity issue

Suzlon raises $552 mln with equity issue

MUMBAI (Reuters) - Suzlon Energy, India's top wind turbine maker, has raised $552 million by issuing shares to repay loans and finance its acquisition of Germany's REpower, the company said in a statement on Wednesday.
The issue, managed by DSP Merrill Lynch and Citigroup, attracted investors from around the world and would amount to 3.8 percent of its equity capital, it said.
"This strategic move will help us strengthen our balance sheet, improve gearing and give us the additional impetus to reach our growth targets," Chairman Tulsi Tanti said.
He said Suzlon would use the proceeds for capital expenditure, working capital needs, loan repayment and the acquisition of REpower.
Tanti said in a Reuters interview in September that the company planned to invest about $1.4 billion to nearly triple its production capacity by 2009.