Indiabulls Financial hikes stake in Suzlon to 6.38 %

Suzlon disclosed that financial services major Indiabulls has hiked its stake in the company to 6.38 per cent.

Wind energy major Suzlon on Thursday disclosed that financial services major Indiabulls has hiked its stake in the company to 6.38 per cent,by way of acquisition of pledged shares.

As per a disclosure about pledged shares filed by Suzlon Energy with the Bombay Stock Exchange,Indiabulls Financial Services’ stake in the wind turbine supplier has risen to 6.38 per cent over the past two days,from 4.59 per cent earlier.

When contacted,a Suzlon spokesperson,however,said the company has only pledged the shares and the same had not been actually acquired by with Indiabulls.

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Share price of Suzlon Energy soared by over 13 per cent at the bourses on Thursday,as the stock rose by Rs 7.35 a piece to close at Rs 62.50. Prior to today’s surge,the stock had lost over one-third of its value over the past one month.

According to the disclosure,2.79 crore shares of Suzlon Energy,amounting to a 1.79 per cent stake,were acquired by Indiabulls over the two days — November 3-4. The BSE filing further said the mode of acquisition was “by way of pledge”.

At the end of September quarter,promoters held 53.08 per cent stake in Suzlon. Besides,a total of 43.28 per cent of the promoter holding was pledged,as per the shareholding pattern as on September 30.

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