Dilip Shanghvi, associates make open offer for 26% stake in Suzlon

NEW DELHI: Within days of committing to invest in wind turbine maker Suzlon, Dilip Shanghvi Family and Associates have made an open offer to buy another 26 per cent stake for Rs 2,837 crore in the company.

The open offer price for 157.64 crore shares is Rs 18 per scrip, a total of about Rs 2,837.52 crore.

Suzlon Energy last week signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore, entailing 23 per cent holding.

"While we believe Suzlon has the potential to emerge as a global leader in the renewable energy space from India. It will take substantial and sustained effort on part of the management team to achieve a significant operating performance improvement," Dilip Shanghvi had said.

Suzlon Group Chairman Tulsi Tanti had said: "These bold steps will strengthen our capital structure permanently, enabling significant deleveraging and liquidity to ramp up volumes rapidly.

"We are convinced that the support from Dilipbhai Shanghvi and family will help in creating a long-term sustainable value for our stakeholders."