Tulsi R Tanti, the founder, chairman and managing director and promoter of Suzlon Energy passed away due to cardiac arrest on October 1. The company confirmed the development in an exchange filing, while adding that the list of promoters and the promoter group of the company have been updated.
The filing read, “In this difficult time, the Company continues to be supported by its highly experienced board of directors and senior management who are both able and committed to take Tanti’s legacy forward and realise his vision for the Company.”
The company furthermore mentioned, “This is for your urgent notice and also for the information of your members and the public at large. Per Regulation 31A of the Listing Regulations, the list of the promoters and the promoter group of the Company stands updated with exclusion of Shri Tanti. The company shall comply with all its reporting requirements formally in this respect in due course.”
Tanti’s death comes at a time when the company is planning to raise around Rs 1,200 crore via a rights issue of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share.
According to its website, Tanti established Suzlon in 1995 and believed in creating sustainable businesses and a sustainable world through energy independence and security. The company currently has over 100 wind farms and an installed capacity of around 13,450 MW and caters to private and public power utilities and electricity producers. It has also developed some of Asia's largest operational onshore and wind farms in nine states including Gujarat, Maharashtra, Rajasthan and Tamil Nadu.
At present, Suzlon Energy has a market-cap of Rs 8,535.90 crore.