Shares of the wind turbine maker were locked in the upper circuit after SBICAP Trustee clarified that additional equity pledge had been created in favour of Suzlon and not Adani Green Energy, as mentioned in an earlier typographical error
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Shares of wind turbine manufacturer Suzlon Energy gained nearly 20 percent and was locked in the upper circuit after SBICAP Trustee clarified that additional equity pledge had been created in favour of Suzlon and not Adani Green Energy, as mentioned in an earlier typographical error.
With this, the total equity pledged with SBICAP Trustee increases to 9.92 percent.
“SBICAP Trustee has recently reported creation of encumbrance over the shares held by the Promoters in the Company in favour of SBICAP Trustee in terms of Regulation 29(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Please note that, inadvertently; SBICAP Trustee had mentioned name of ‘Adani Green Energy Limited’ as the ‘Target Company’ in its reporting, instead of ‘Suzlon Energy Limited’. The said error has since been rectified,” Suzlon Energy notified in an exchange filing today.
SBICAP Trustee is acting as trustees for the benefit of REC-led consortium (comprising of REC Limited and Indian Renewable Energy Development Agency Limited), who have financed the company.
In Q1, Suzlon Energy’s revenue jumped 21 percent on-year to Rs 1,378 crore, while EBITDA came in at Rs 214 crore, clocking in 39 percent YoY growth. EBITDA margin stood at 15.6 percent. The company posted a net profit of Rs 2,433 crore on the back of exceptional gain primarily on account of conversion of financial instruments pursuant to refinancing.
The share price of Suzlon Energy was quoting Rs 10.55 at 10am.
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