Suzlon Energy shares gain nearly 13% on bourses

Mar 31 2014, 18:31 IST
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 A formal announcement in this regard will be made shortly. (Reuters) A formal announcement in this regard will be made shortly. (Reuters)
SummaryShares of Suzlon Energy today rose by nearly 13 per cent amid reports that the firm may list its German subsidiary on the London Stock Exchange.

Shares of Suzlon Energy today rose by nearly 13 per cent amid reports that the firm may list its German subsidiary on the London Stock Exchange.

The company's stock surged 12.23 per cent to settle at Rs 11.10 on the BSE. During the day, the stock rallied 14.76 per cent to Rs 11.35.

At the NSE, shares of Suzlon Energy soared 12.69 per cent to Rs 11.10.

As per media reports, the company is planning to sell shares in its German subsidiary Senvion SE (erstwhile RE Power) to raise Rs 10,000-crore by listing it on the LSE.

Meanwhile, in a clarification to the BSE the company today said, "Suzlon is exploring various options to rebalance its capital structure and accordingly we would relook at our capital structure during the next financial year (FY 2014-15)."

"With reference to the media reports, it remains our policy to not to comment on what is market rumour and speculation," it added.

As regard news item Suzlon to acquire US based company, "we wish to clarify that Suzlon is merely buying a US based SPV company (ĎBig Skyí) owning certain assets which were sold by Suzlon to Big Sky, and which were partially financed by Suzlon through a loan and which is now in default. A formal announcement in this regard will be made shortly.

"We wish to reiterate that the Company and its management remain committed to the highest standards of Corporate governance, and will communicate to the stock exchanges on developments as they happen," it noted.

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