Indiabulls Financial hikes stake in Suzlon to 6.38%

Last Updated: Thursday, November 5, 2009 - 20:56

Mumbai: 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.

Share price of Suzlon Energy soared by over 13 per cent at
the bourses today, 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.

Bureau Report

First Published: Thursday, November 5, 2009 - 20:56

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