Investors continued to lap up shares of Suzlon Energy on Monday as the debt-laden wind-turbine manufacturer may sell its forging & foundry unit. The stock gained 4.5 percent intraday.
"Suzlon is keen to sell its forging and foundry company, in which it invested Rs 1,000 crore, and component units and office complexes worth about Rs 1,000 crore as it exits non-core areas and continues its fund-raising drive," said a media report.
The forging plant is in Baroda and the foundry plant is in Coimbatore.
Meanwhile, the world’s fifth largest wind turbine manufacturer Suzlon, on January 22, had sold 100 percent stake in Senvion SE (a wholly owned subsidiary of the Suzlon Group) to Centerbridge Partners LP, USA. The deal was valued at euro 1 billion (approximately Rs 7,200 crore) equity value in an all cash transaction and future earn out of upto an additional euro 50 million (approximately Rs 360 crore).
The cash starved Suzlon, on February 13, signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore in Suzlon Energy Limited. Post allotment, DSA shareholding will be 23 percent shares (based on current shareholding), while the Tanti Family will hold 24 percent shares.
At 11:24 hours IST, the scrip of Suzlon Energy was quoting at Rs 27.15, up Rs 0.70, or 2.65 percent on the BSE.
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