Suzlon denies sale to Gamesa

Suzlon described the statement linking the company with Gamesa as “speculalative” and “inaccurate”.

Suzlon shares rose more than five percent Tuesday after an Indian television channel reported that Suzlon Chairman Tulsi Tanti and family members may sell their combined 55 percent stake in Suzlon to Gamesa’s U.K. unit.

Gamesa is offering $1.72 per share with a non- compete fee of 10 rupees a share, the TV story said.

Suzlon said it was refinancing $2.8 billion of debt in December 2009 after struggling to repay loans it took on to buy Hansen Transmissions International NV.