Home / Financial News / Suzlon Energy pares early gain on stake sale in Senvion to Centerbridge

Suzlon Energy pares early gain on stake sale in Senvion to Centerbridge

Shares of Suzlon Energy were trading higher by 3% to Rs 17.70 on NSE, erasing its early morning gain after the company Suzlon Group has signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group.

The stock opened at Rs 18 and touched high of Rs 18.60 on NSE. Till 0923 hours, a combined around 32 million shares changed hands on the counter on NSE and BSE.

The deal is valued at EUR 1 bn (Rs 7,200 crore) in an all cash transaction and future earn out of up to an additional EUR 50 mn (Rs 360 crore). The transaction is expected to be closed before the end of the current financial year and is subject to regulatory and other customary closing conditions.

The company will focus on high growth markets like India, USA and other emerging economy markets. The Indian government‘s significant thrust on renewable energy offers a conducive policy framework to the sector which Suzlon is best equipped to capitalize, said Tulsi Tanti, Chairman, Suzlon Group.
 

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