Suzlon Energy rallies nearly 20% on Sun Pharma promoter's open offer

NEW DELHI: Suzlon Energy Ltd rallied as much as 19.8 per cent in trade on Wednesday, after 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.

At 10:40 a.m.; Suzlon was trading 16 per cent higher at Rs 26.55. It hit a low of Rs 23.50 and a high of Rs 27.50 in trade today.

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, PTI reported.

"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," the report added quoting Dilip Shanghvi.