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Shares of wind turbine maker Suzlon have extended its rally of 20% and have surged nearly 20% to Rs 27 on the BSE after Sun Pharmaceuticals promoter Dilip Shanghvi and family acquired 23% stake in Suzlon Energy for a total consideration of Rs 1,800 crore.
As per the arrangement, Suzlon will allot 10 million shares on preferential basis to Shanghvi family members and companies owned by him which would result in 23% stake holding in the wind-energy major.
Meanwhile, Tanti and family will continue to remain in control of the company because of a pooling arrangement for voting. As of now, stake of Tanti and other promoter entities will decline to 24% from 30.94% following the acquisition by Dilip Shanghvi and family.
The stock opened at Rs 24 and touched a high of Rs 27 on the BSE. At 10.10 AM, a total of 26,349,929 shares have changed hands on the BSE .
