Suzlon gains as open offer from Dilip Shanghvi begins today

Dilip Shanghvi & Associates plans to acquire additional 26% stake at Rs 18 per share

Shares of Suzlon Energy edged higher by 1.4% to Rs 28.50 on the Bombay Stock Exchange after the open offer by Dilip Shanghvi & Associates to acquire 26% stake in the wind-energy major at Rs 18 per equity share begins today. The total investment to acquire 26% stake works out to Rs 2,837 crore.

The open offer follows the recent infusion of Rs 1,800 crore by Dilip Shanghvi, promoter of Sun Pharmaceuticals into the debt-ridden wind energy major.

The stock opened at Rs 28.35 and touched a high of Rs 28.70. At 12:10PM, over 27 million shares were traded on both the stock exchanges.