Following the announcement that Suzlon Energy will be acquiring a 76% share in Renom Energy Services in two tranches from the Sanjay Ghodawat Group, the company’s shares jumped 4% in early trade on Wednesday.
With today’s gain, the stock has ended a two-day losing run.
Suzlon will acquire the shares in two tranches. The first tranche involves acquiring a 51% stake for ₹400 crore in cash. The remaining 25% will be acquired within 18 months, either through cash or a share swap.
A valuation of ₹1,040 crore will be done for the second tranche, while ₹784 crore will be acquired for the first. Suzlon’s balance sheet showed a cash balance of ₹1,100 crore at the end of the June quarter.
As of 10:14 am, Suzlon shares were trading 3.27% higher at Rs 68.44 on the NSE.
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