Suzlon Energy shares rise 5 pc on stake sale buzz
Suzlon Energy advanced amid media reports that Spanish wind turbine manufacturer Gamesa is likely to pick up a majority stake in the company.
By PTI |
MUMBAI: Shares of Suzlon Energy today advanced by nearly five per cent on the Bombay Stock Exchange, amid media reports that Spanish wind turbine manufacturer Gamesa is likely to pick up a majority stake in the Indian wind energy firm.
Boosted by the move, Suzlon's scrip surged by 4.79 per cent to Rs 56.85 on BSE.
Following a similar trend at the National Stock Exchange, the wind power major went up by 5.71 per cent to Rs 57.30.
According to media reports, the deal is likely to value Suzlon at market cap of around USD 3 billion, while its current market cap is at around USD 2 billion.
The deal will involve payment of non-compete fee to promoters, the report added.
In terms of volume, over three crore shares of the company were traded on the bourses within the first two hours of trade.
Meanwhile, the BSE 30-share barometer Sensex was trading at 20,511.49, down by 49.56 points at 10:56 hrs.
Boosted by the move, Suzlon's scrip surged by 4.79 per cent to Rs 56.85 on BSE.
Following a similar trend at the National Stock Exchange, the wind power major went up by 5.71 per cent to Rs 57.30.
According to media reports, the deal is likely to value Suzlon at market cap of around USD 3 billion, while its current market cap is at around USD 2 billion.
The deal will involve payment of non-compete fee to promoters, the report added.
In terms of volume, over three crore shares of the company were traded on the bourses within the first two hours of trade.
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Meanwhile, the BSE 30-share barometer Sensex was trading at 20,511.49, down by 49.56 points at 10:56 hrs.
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