Suzlon Shares Soar Nearly 19 Per cent

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Mumbai, Feb 16 (PTI) Shares of wind turbine maker Suzlon Energy today surged nearly 19 per cent in the backdrop of company signing definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore.

The stock zoomed 18.27 per cent to Rs 22.65 at the BSE. On the NSE, it climbed 18.75 per cent to Rs 22.80. Dilip Shanghvi is the Sun Pharmaceuticals promoter.

Suzlon Shares Soar Nearly 19 Per cent
Suzlon Energy: Quotes, News
BSE 14.78BSE Quote0.18 (1.22%)
NSE 14.75NSE Quote0.15 (1.02%)

The company has signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore in Suzlon Energy. Post allotment, DSA shareholding will rise to 23 per cent (based on current shareholding), while the Tanti Family will hold 24 per cent shares.

Shanghvi and family also announced an open offer to acquire 26 per cent stake in Suzlon at Rs 18 per share aggregating to Rs 2,837 crore. Management control will remain with Tanti family by virtue of pooling arrangement for voting.

PTI

Read more about: suzlon
Story first published: Monday, February 16, 2015, 13:30 [IST]
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