Companies

Suzlon shares rise 5% on stake sale buzz

PTI Mumbai | Updated on November 10, 2017 Published on January 04, 2011

Shares of Suzlon Energy on Tuesday 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 $3 billion, while its current market cap is at around $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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Published on January 04, 2011
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