Suzlon Energy sells corporate office to OE Business Park; stock gains 3%

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Suzlon Energy shares rise: Shares of Suzlon Energy gained as much as 2.57 per cent to hit an intraday low of Rs 776.09 per share on Thursday, September 5, 2024. 

The uptick in Suzlon Energy share price came after the company announced that it has executed a Conveyance Deed to sell its Pune-based corporate office to OE Business Park for Rs 440 crore. 

In an exchange filing, Suzlon Energy said, “This is to inform you that the company has executed a Conveyance Deed with OE Business Park Private Limited (WEBPPL) for sale of One Earth Property, being its corporate office. OEBPPL is a special purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management Limited.”

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 licencing rights. 

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

Suzlon Energy, founded in 1995 by Tulsi Tanti, is a prominent global player in the renewable energy sector, focusing on wind and solar power. 

With over 28 years of expertise in the wind energy industry, Suzlon offers a range of products including wind turbines, lattice tubular towers, and other renewable energy solutions. 

The company operates in 17 countries across six continents, boasting 14 manufacturing units and 8 research and development facilities. 

Suzlon's wind energy projects contribute significantly to environmental sustainability, equating to the CO2 absorption capacity of 4.30 billion trees annually, preventing 51.66 million tonnes of CO2 emissions each year, and providing power to 13.08 million households.

The market capitalisation of Suzlon Energy is Rs 1,02,572.82 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of Suzlon Energy share is Rs 84.40 per share while its 52-week low is Rs 21.71 per share. 

At 9:22 AM, shares of Suzlon were trading 1.35 per cent higher at Rs 75.18 per share. In comparison, BSE Sensex was trading 0.17 per cent higher at  82,495.96 levels.