Shares of Suzlon Energy today ended nearly 4 per cent higher amid reports that Sun Pharma's Dilip Shanghvi will provide as much as Rs 3,800 crore of security for the company to help the wind turbine maker fill orders and return to profit.
After surging 7.32 per cent to Rs 27.10 in intra-day trade at the BSE, shares of Suzlon finally ended at Rs 26.20, up 3.76 per cent from its previous close.
At the NSE, it settled with a gain of 3.96 per cent at Rs 26.25.
As per reports, Dilip Shanghvi will provide as much as Rs 3,800 crore (USD 610 million) of security for Suzlon Energy Ltd to help the maker of wind turbines fill orders and return to profit.
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, it said.
Meanwhile, earlier this month, Suzlon signed definitive pacts with DSA for equity investment of Rs 1,800 crore in the company, amounting to 23 per cent stake.
DSA also announced an open offer to acquire 26 per cent stake in Suzlon at Rs 18 per share aggregating to Rs 2,837 crore.
