 "Suzlon Energy up 5% on financial support from Shanghvi family")
Shares of Suzlon Energy have rallied 5% to Rs 26.45 on BSE on reports that Dilip Shanghvi will provide Rs 3,700 crore of security to the company.
The stock opened at Rs 26.15 and touched high of Rs 27.10 so far. Till 1025 hours, a combined 44.84 million shares changed hands on the counter on NSE and BSE.
According to report, the security from the Shanghvi family will make it easier for Suzlon to obtain more bank guarantees and letters of credit to ramp up its business, Sudhir Valia, executive director at Sun Pharma, said in a February 23 phone interview. CLICK HERE TO READ FULL REPORT.
Meanwhile, in past one month, the stock has rallied 78% from Rs 14.86 on January 23, compared with 1% decline in the benchmark S&P BSE Sensex.
On February 13, Dilip Shanghvi Family and Associates had made an open offer to buy another 26% stake for Rs 2,837 crore in Suzlon Energy. The open offer price for 1,576.4 million shares is Rs 18 per scrip.
The stock opened at Rs 26.15 and touched high of Rs 27.10 so far. Till 1025 hours, a combined 44.84 million shares changed hands on the counter on NSE and BSE.
According to report, the security from the Shanghvi family will make it easier for Suzlon to obtain more bank guarantees and letters of credit to ramp up its business, Sudhir Valia, executive director at Sun Pharma, said in a February 23 phone interview. CLICK HERE TO READ FULL REPORT.
Meanwhile, in past one month, the stock has rallied 78% from Rs 14.86 on January 23, compared with 1% decline in the benchmark S&P BSE Sensex.
On February 13, Dilip Shanghvi Family and Associates had made an open offer to buy another 26% stake for Rs 2,837 crore in Suzlon Energy. The open offer price for 1,576.4 million shares is Rs 18 per scrip.