Suzlon closes 3 pc higher after Shanghvi open offer talk

Shares of Suzlon Energy rose by almost 3 per cent today as billionaire Dilip Shanghvi-controlled entities along with promoters of the company will make an open offer worth Rs 2,837 crore to acquire a 26 per cent stake in the wind turbine maker.
The stock gained 2.92 per cent to settle at Rs 21.15 on BSE. During the day, it jumped 3.89 per cent to Rs 21.35.
On NSE, it went up by 2.92 per cent to Rs 21.10.
The company added Rs 466.11 crore to Rs 10,552.11 crore in market valuation.
On the volume front, 80.34 lakh shares of the company were traded at BSE and over 4 crore shares at NSE during the day.

The offer, which begins on December 28, 2015, and closes on January 8, 2016, comes after Shanghvi decided to acquire 23 per cent stake in Suzlon with an equity investment of Rs 1,800 crore. The deal was announced earlier this year.
Shanghvi-controlled entities, along with Tulsi Tanti and other promoters of Suzlon, would make the open offer to the shareholders for purchase of more than 157.64 crore shares, according to a BSE filing.