Business Today

Suzlon Energy rises over 12% amid reports of majority stake sale to Brookfield

Shares of Suzlon Energy surged over 12% in intra-day trade on the Bombay Stock Exchange (BSE) Monday, after media report suggested that Canadian investor Brookfield has expressed interest in buying majority stake in the company.

twitter-logo BusinessToday.In        Last Updated: June 24, 2019  | 13:56 IST
Suzlon Energy rises over 12% amid reports of majority stake sale to Brookfield
As of 11: 30 am, the share price of Suzlon Energy was trading at Rs 5.12 on BSE, up by 12.53%.

Shares of Suzlon Energy surged over 12% in intra-day trade on the Bombay Stock Exchange (BSE) Monday, after media report suggested that Canadian investor Brookfield has expressed interest in buying majority stake in the company.

Following media reports, Suzlon Energy stock price rose more than 14.7% in intraday to Rs 5.09 on BSE, against the previous close of Rs 4.55. The stock price has gained over 20% over the past one week.

The stock opened with a gap up pattern and moved above its 30 day simple moving average today. Although, the stock still trades below 50, 150 and 200-day moving average.

As of 11: 30 am, the share price of Suzlon Energy was trading at Rs 5.12 on BSE, up by 12.53%. Overall 56.34 lakh shares and 550.6 lakh shares of Suzlon Energy have currently changed hands on BSE and NSE, respectively. Additionally, Suzlon stock is the top gainer on BSE.

Debt-landen Suzlon has reportedly told its lenders that the Canadian investor Brookfield is keen to acquire a majority stake in it, which would help the renewable energy company settle its loans if the lenders were to give a waiver.

As a debt reduction plan, Pune-based wind turbine supplier has offered a one-time settlement proposal to its lenders, for settling its loans. Overall, the cash-strapped renewable energy company has net term debt, including FCCB, of Rs 7,761 crore, and working capital debt of Rs 3,380 crore.

The green energy sector firm had reported a net loss of Rs 6,494 cr in the March quarter on standalone basis.

In the past, the firm has defaulted in repayment of principal and interest to lenders, as well as making payments to certain overdue creditors.

(Edited by Rupa Burman Roy)

Jet Airways shares surge 10% as insolvency proceedings begin

IndiaMart IPO opens today: Should you subscribe to the issue?

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close