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Benzinga - Suzlon‘s (NS:SUZL) share price surged over 4% on Wednesday morning to hit an intraday high of ₹69.40.
What Happened: The massive surge today comes as the the Pune-based wind major said it will acquire a 76% stake in Renom Energy Services. The acquisition will proceed in two stages: an immediate purchase of 51% for ₹400 crore, followed by an additional 25% acquisition within 18 months for ₹260 crore.
Renom Energy Services currently manages 1,782 megawatts in wind, 148 megawatts in solar and 572 megawatts in balance of plant assets.
Following the acquisition, Renom will continue to operate as a board-managed independent service provider. The deal is anticipated to enhance Renom's core capabilities and solidify its position as a prominent custodian of multibrand renewable energy assets.
Renom Energy’s turnover for the year ended March 2024 came in at ₹213 crore, up 25% from the ₹168 crore posted in the year ended March 2023.
Price Action: Suzlon’s share price was up 3.89% to trade at ₹68.85 as the markets opened on Wednesday.
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