Mumbai: Shares of wind turbine maker Suzlon Energy today surged nearly 20 per cent, adding Rs 1,089 crore to its market value, following definitive pacts with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore.
The stock soared 19.84 per cent to settle at Rs 22.95 -- its upper circuit limit for the day on the BSE.
At the NSE, it surged 19.79 percent to close at Rs 23.
Led by the sharp rally in the stock, the company's market capitalisation, or value, moved up by Rs 1,089 crore to Rs 7,606.02 crore.
DSA also announced an open offer today to acquire 26 per cent stake in Suzlon at Rs 18 per share aggregating to Rs 2,837 crore.
Dilip Shanghvi is the founder and managing director of Sun Pharmaceuticals.
DSA had last week signed definitive agreements with for equity investments of Rs 1,800 crore in Suzlon Energy. Post allotment, DSA shareholding will rise to 23 percent (based on current shareholding), while the Tulsi Tanti Family will hold 24 percent shares.
Management control will remain with the Tanti family by the virtue of pooling arrangement for voting.
Suzlon's promoters currently hold 30.94 percent stake in the company according to BSE data.
The stock shrugged-off the weak third quarter earnings the company reported, wherein debt-laden Suzlon posted a widening of consolidated net loss of Rs 6,538.68 crore, mainly on account of sale of its overseas subsidiary Senvion recently.
The company had reported a loss of Rs 1,075.25 crore in the corresponding period of last fiscal.
