After reaching an all-time low of Rs. 2.75 (for a Rs. 2 share) on February 5, the price of the Suzlon share has started moving up sharply. On Friday, it closed at Rs. 5.95 on the NSE, which was about 4 per cent higher than the previous close.
The trigger appears to have been a rumour that the global wind major, Vestas, is in talks to buy the shares of the principal shareholders of Suzlon — the promoter Tulsi Tanti and Dilip Shanghvi. In response, the company issued a statement on February 22 that it would not comment on speculative news. The share price has marched on regardless.
However, in a chat with BusinessLine on February 21, the company’s Group CEO, JP Chalasani, confirmed that the company was indeed not far from making an announcement on monetising some of its assets, which would rake in funds to pay off its debts.
