Suzlon Energy gains on Barclays buying shares
The company is in the process of raising up to Rs 5,000 crore through the issue of foreign currency convertible bonds which will be listed on the Singapore Exchange.
By ET Bureau | Updated:
Suzlon Energy has gained substantially in past two days amid market talk that global investment banker Barclays has been buying the company’s shares through open market purchases.
According to bulk deal disclosures filed with the NSE, Barclays Capital bought 10.3 million, or 0.6%, shares of Suzlon Energy for Rs 48 crore on last Friday. The company is in the process of raising up to Rs 5,000 crore through the issue of foreign currency convertible bonds which will be listed on the Singapore Exchange.
The floor price for the conversion of FCCBs is fixed as Rs 46.05. The Suzlon Energy shares rose 2% to Rs 49.7 on substantially higher volumes of 56.8 lakh shares, compared with the two-week aver-age of 40.3 lakh shares on the BSE.
Contributed by Vijay Gurav & Apurv Gupta
According to bulk deal disclosures filed with the NSE, Barclays Capital bought 10.3 million, or 0.6%, shares of Suzlon Energy for Rs 48 crore on last Friday. The company is in the process of raising up to Rs 5,000 crore through the issue of foreign currency convertible bonds which will be listed on the Singapore Exchange.
The floor price for the conversion of FCCBs is fixed as Rs 46.05. The Suzlon Energy shares rose 2% to Rs 49.7 on substantially higher volumes of 56.8 lakh shares, compared with the two-week aver-age of 40.3 lakh shares on the BSE.
Contributed by Vijay Gurav & Apurv Gupta
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