Suzlon plans $500 million placement - paper

MUMBAI (Reuters) - India's Suzlon Energy Ltd plans to raise $500 million through a qualified institutional placement to fund its expansion, the Business Standard said at the weekend, citing unnamed sources.

DSP Merrill Lynch and Citigroup are the bankers to the issue, the paper said.

"It is too early to divulge any details related to our funding plans and nothing has been finalised yet", the paper cited a Suzlon official as saying.

Suzlon, the world's No. 4 wind turbine maker, acquired Germany's REpower this year, and raised $590 million from an initial public offering for Belgium-based unit Hansen Transmissions International recently.

Suzlon's board had in October recommended a target of 50 billion rupees ($1.3 billion) to finance its expansion plans.