Shares of Suzlon Energy saw a notable rise, climbing as much as 3% to reach an intraday high of ₹76.09 per share on Thursday, September 5, 2024, following the company’s announcement of a strategic property sale.
The renewable energy giant revealed it had executed a Conveyance Deed to sell its Pune-based corporate office to OE Business Park (OEBPPL) for ₹440 crore. In an official exchange filing, Suzlon confirmed that the transaction involves the sale of its “One Earth Property,” the location of its corporate headquarters. OE Business Park, a special purpose vehicle (SPV), is backed by funds managed by 360 ONE Alternates Asset Management Limited.
Following the sale, Suzlon has entered into a leaseback arrangement, with the property to be leased for a period of up to five years, while retaining sub-leasing and licensing rights. In addition, the company has negotiated agreements with OEBPPL’s security holders, providing Suzlon with a call option to purchase the property back, while offering the holders a put option to sell the securities.
Suzlon Energy, founded in 1995 by Tulsi Tanti, has cemented its position as a leading player in the global renewable energy sector. Specializing in wind and solar power, Suzlon has established itself as an industry giant, with over 28 years of experience in wind energy. The company boasts a diverse portfolio of products, including wind turbines and lattice tubular towers, and operates in 17 countries across six continents. With 14 manufacturing units and 8 R&D facilities worldwide, Suzlon’s wind energy projects have a significant environmental impact, preventing 51.66 million tonnes of CO2 emissions annually and providing power to over 13 million households.
As of the latest market data, Suzlon Energy has a market capitalization of ₹1,02,572.82 crore, according to the Bombay Stock Exchange (BSE). The company’s shares have had a 52-week high of ₹84.40 and a low of ₹21.71. At 9:22 AM, Suzlon shares were trading 1.35% higher at ₹75.18, outperforming the BSE Sensex, which was up 0.17% at 82,495.96.
