Suzlon Energy shares jump nearly 3% after co signs One Earth Property sale deed
Suzlon Energy on Thursday jumped 2.7% to its day’s high of Rs 76.09 on BSE after the company announced that it had signed an agreement with OE Business Park (OEBPPL) for sale of its corporate office, One Earth Property.
On the completion of the aforementioned sale, the One Earth Property would be leased back to the company for a period of 5 years with sub-leasing and licensing rights.
Further, the company also announced that it has also entered into an agreement with the holders of the securities issued by OEBPPL, which provides a call option to the company to purchase and grant the holders of the securities a put option to sell the securities.
The total size of the deal is around Rs 440 crore, according to the filing to the stock exchanges.
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OEBPPL is a special purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management.
Recently, Suzlon was in news as the company’s board had approved the acquisition of a 76% stake in Renom Energy Services for around Rs 660 crore, which included Rs 400 crore for an initial 51% stake to be acquired within three months, and an additional 25% stake to be acquired within 18 months.
This strategic acquisition aims to strengthen Suzlon's presence in the Indian wind energy services industry.
In technical terms, the relative strength index (RSI) of the stock is currently at 53, indicating it is in a mid-range territory. The stock price is also
