Suzlon Energy gains on selling corporate office for Rs 440 cr

Suzlon Energy advanced 2.66% to Rs 76.15 after the company announced that it has executed a conveyance deed with OE Business Park (OEBPPL) for the sale of One Earth Property, its corporate office.

OEBPPL is a special purpose vehicle, shares of which are held by funds managed by 360 ONE alternates asset management.

The total transaction is for Rs 440 crore. Out of this, Rs 411.21 crore is towards conveyance and Rs 28.79 crore is towards reimbursement of stamp duty and other registration charges. The sale is expected to be completed on 5 September 2024.

On completion of the sale, the One Earth Property would be leased back to the company for a period of up to five years with sub-leasing and licensing rights.

Further, the company has also entered into agreements with the holders of the securities issued by OEBPPL providing the firm with a call option to purchase and granting the holders of the securities a put option to sell the securities, stated Suzlon Energy.

Suzlon Energy is engaged in the business of design, development, manufacturing and supply of wind turbine generators (WTGs). Suzlon Energy (SEL) is India's largest renewable energy solutions provider with presence in 17 countries across six continents.

The company reported consolidated net profit of Rs 302.29 crore in Q1 FY25, steeply higher than Rs 100.90 crore posted in Q1 FY24. Revenue from operations climbed 49.60% year on year (YoY) to Rs 2,015.98 crore in the quarter ended 30 June 2024.

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