Suzlon Energy jumped 14.81% to Rs 26.35 at 9:53 IST on BSE, with the stock extending recent sharp rally triggered by the firm signing definitive agreements with Dilip Shanghvi Family and Associates for equity investments of Rs 1800 crore in the firm.
Meanwhile, the S&P BSE Sensex was up 119.55 points or 0.41% at 29,255.43.
On BSE, so far 2.34 crore shares were traded in the counter as against average daily volume of 94.92lakh shares in the past one quarter.
The stock hit a high of Rs 26.85 and a low of Rs 23.50 so far during the day. The stock had hit a 52-week high of Rs 36.80 on 12 June 2014. The stock had hit a 52-week low of Rs 9.50 on 27 March 2014.
The stock had outperformed the market over the past one month till 16 February 2015, surging 42.46% compared with Sensex's 3.61% rise. The scrip had also outperformed the market in past one quarter, jumping 61.05% as against Sensex's 3.88% rise.
The mid-cap company has equity capital of Rs 740.63 crore. Face value per share is Rs 2.
Shares of Suzlon Energy have rallied 37.59% in two trading sessions from Rs 19.15 on 13 February 2015 after the company on 14 February 2015 said it has signed definitive agreements with Dilip Shanghvi Family and Associates for equity investments of Rs 1800 crore in the company. The stock was locked at 20% upper circuit at Rs 22.95 on Monday, 16 February 2015. The stock market was closed yesterday, 17 February 2015, on account of Mahashivratri. Dilip Shanghvi is Managing Director of Sun Pharmaceuticals Industries. As part of the deal, Suzlon Energy's board of directors at its meeting held on Friday, 13 February 2015, approved issuance of up to 100 crore equity shares of the company to DSA on preferential allotment basis. Post allotment, DSA shareholding will be 23% shares (based on current shareholding), while the Tanti Family will hold 24% shares. Management control remains with Tanti Family by virtue of pooling arrangement for voting, Suzlon Energy said in a statement.
Suzlon Energy's pact with DSA triggered an open offer for acquisition of upto 157.64 crore equity shares of face value of Rs 2 each of Suzlon Energy, from the public shareholders of the company, representing 26% of emerging voting capital of Suzlon Energy. The offer price is Rs 18 per fully paid-up equity share aggregating to Rs 2837.58 crore. The offer price is also subject to finalization of the price for the proposed preferential issue of equity shares as on the relevant date, i.e. 16 February 2015.
Suzlon Energy reported a consolidated net loss of Rs 6538.68 crore in Q3 December 2014, much higher than net loss of Rs 1075.25 crore in Q3 December 2013. Total income declined 1.51% to Rs 4986.56 crore in Q3 December 2014 over Q3 December 2013. The result was announced on Saturday, 14 February 2015.
The Suzlon Group is ranked as the world's fifth largest wind turbine manufacturer, in terms of annual installed capacity and market share in 2013.
Powered by Capital Market - Live News
