Suzlon Shares Advance As Promoters Look To Offload Stake Worth Rs 1,295 Crore

Shares of Suzlon Energy Ltd. rose over 2% on Monday after multiple block deals on the open market. The buyers and sellers of the block deal were not known.

However, promoter entities were planning to offload shares worth Rs 1,295 crore via open market transactions, according to term sheets accessed by NDTV Profit. Vinod Tanti as karta of Ranchhodbhai Ramjibhai HUF, Vinod Tanti J/w. Jitendra R Tanti as trustees of RR Family Trust, the Tanti Trust (its trustees: Vinod R. Tanti, Girish R Tanti and Jitendra Tanti), Tanti Holdings Private Limited, and Rambhaben Ukabhai Tanti will be offloading shares.

The floor price for the shares has been set at Rs 64.75 per share, which is a 2.9% discount to the stock's last closing price of Rs 66.71 on Friday.

As of March, Vinod Tanti as karta of Tulsi Ranchhodbhai HUF and Vinod Tanti J/w. Jitendra Tanti as trustees of RR Family Trust hold approximately 0.39% equity each in Suzlon Energy, according to data from the Bombay Stock Exchange.

While The Tanti Trust (its trustees Vinod Tanti, Girish R Tanti and Jitendra Tanti) held 1,000 shares, Tanti Holdings Private Limited held 5.14% stake and Rambhaben Ukabhai Tanti had 3.47% stake in the company.

The scrip rose as much as 2.25% to 68.31 apiece, the highest level since June. It pared gains to trade 1.54% higher at Rs 67.76 apiece, as of 9:17 a.m. This compares to a 0.50% advance in the NSE Nifty 50 Index.

It has risen 35.95% in the last 12 months and 9.35% year-to-date. Total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 63.27.

Of the eight analysts that track the stock, six hold a 'buy' rating, while two recommend a 'hold' rating, according to Bloomberg data.

The consensus price target for the next twelve months projects an upside of 14.1% for the stock.