Suzlon gets energized!
Suzlon seems to be highly energized today morning. The stock price is up almost 3% currently at Rs.21.35. Its 52-week high and low stands at Rs.31.35 and Rs.12.30 respectively.
Dilip Sanghvi of Sun Pharma had made his intentions very clear – he wanted to acquire a 23% stake in the company, with an equity investment of Rs.1800 crore. It was in response to this offer that Suzlon announced its open offer.
And yesterday, Suzlon announced that Sanghvi controlled companies and Tulsi Tanti of Suzlon will make the open offer, which will open on 28h Dec’15 and close on 8th Jan’16. This offer is for acquiring around 158 crore shares of Suzlon, with a face value of Rs.2 each, at a price of Rs.18/share.
The tacit understanding between Tanti and Sanghvi is that Tanti will continue to have control over the company and Sanghvi’s holding will always remain below that of Tanti. This infusion will help bring down the debt of the company.