Suzlon Energy rebounds smartly after yesterday's 34% fall

Wind turbine supplier Suzlon Energy bounced back quite sharply on Friday, rising more than 28 percent in early trade after nearly 34 percent fall yesterday.

Swiss Finance Corporation (Mauritius) sold 1.13 crore equity shares of the company at Rs 15.77 a share and Barclays Capital Mauritius offloaded 1.62 crore shares at Rs 15.75 on Thursday.

Meanwhile, Morgan Stanley Asia (Singapore) bought more than 1.95 crore equity shares at Rs 16.34 and 11 crore shares at Rs 21.56 yesterday. Morgan Stanley Mauritius Company holds 2 crore shares as of December 31, 2012.

Promoters including Girishbhai Ranchodbhai Tanti, Tanti Holdings and V R Tanti HUF sold 10.995 crore equity shares on Thursday morning, representing 6.19 percent stake for total consideration of approximately Rs 240.4 crore.

"Part of the funds would be infused into the company under CDR mechanism and balance funds would be utilised to release pledged shares by repayment of loans taken by promoters," the company had said in its release sent to exchanges.

After this stake sale, promoters' holding in the company stands reduced to approximately 44.46 percent.

More than 11 lakh equity shares of Suzlon exchanged hands on NSE at an average price of Rs 18.65 a share in morning via two block deals.

At 11:22 hours IST, shares rose 17.5 percent to Rs 18.85 on Bombay Stock Exchange.