Suzlon Shares Surge on Property Sale

5 Sep 2024 , 01:03 PM

Suzlon Energy’s shares rose 2.7% on Thursday to a day high of Rs 76.09 on the BSE after the firm stated that it has struck an agreement with OE Business Park (OEBPPL) to sell its corporate office, One Earth Property.

Following the completion of the aforementioned sale, the One Earth Property would be leased back to the corporation for 5 years, with sub-leasing and licensing rights.

Furthermore, the firm revealed that it has also entered into an agreement with the holders of the securities issued by OEBPPL, which gives a call option for the company to purchase and grants the holders of the securities a put option.

According to the filing with the stock exchanges, the deal is worth roughly Rs 440 crore in total.

OEBPPL is a special purpose entity whose shares are owned by funds managed by 360 ONE Alternates Asset Management.

Suzlon recently made headlines as the company’s board approved the acquisition of a 76% stake in Renom Energy Services for about Rs 660 crore, including Rs 400 crore for an initial 51% stake to be acquired within three months and a further 25% stake to be acquired within 18 months.

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