Shares of Suzlon Energy rose by almost 3% on Thursday 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% stake in the wind turbine maker.
The stock gained 2.92% to settle at Rs 21.15 on BSE. During the day, it jumped 3.89% to Rs 21.35. On NSE, it went up by 2.92% 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% 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.
