Suzlon Energy has surged 12% to Rs 11.07 on back of heavy volumes on reports that the company plans to sell shares in its German subsidiary Senvion SE, formerly known as RE Power to raise Rs 10,000-crore by listing it on the London Stock Exchange (LSE).
The company is in talks with financial institutions and banks for private placement of equity and has got assurance from one of the non-lenders to buy its shares in the private placement to benchmark the price, the Economic Times report suggests.
The company will have to dilute 25% stake in Senvion to meet the UK listing norms, added report.
The stock opened at Rs 10.35 and touched a high of Rs 11.35 on the BSE. Till 1215 hours, a combined 19.04 million shares already changed hands on the counter as against an average sub 5 million shares that were traded daily in past two weeks on the BSE and NSE.
The company is in talks with financial institutions and banks for private placement of equity and has got assurance from one of the non-lenders to buy its shares in the private placement to benchmark the price, the Economic Times report suggests.
The company will have to dilute 25% stake in Senvion to meet the UK listing norms, added report.
The stock opened at Rs 10.35 and touched a high of Rs 11.35 on the BSE. Till 1215 hours, a combined 19.04 million shares already changed hands on the counter as against an average sub 5 million shares that were traded daily in past two weeks on the BSE and NSE.
