Suzlon Energy freezes at 20% upper circuit on heavy volumes

Shares of Suzlon Energy were locked in the 20 per cent upper circuit at Rs 10.57 on the BSE in Monday’s intra-day trades amid heavy volumes. The average trading volumes at the counter jumped 1.5 times with a combined 228 million equity shares changing hands in less than an hour of trades on the NSE and BSE. There were pending buy orders for a combined 45.83 million shares on both the exchanges, data shows. In comparison, the S&P BSE Sensex was up 0.6 per cent at 59,160.

Suzlon Energy on September 5, 2022 said that inadvertently; SBICAP Trustee had mentioned name of ‘Adani Green Energy Limited’ as the ‘Target Company’ in its reporting, instead of ‘Suzlon Energy Limited’.

SBICAP Trustee clarified that a typo had occurred in the target company’s name and that the additional pledge has been created in favour of SBICAP Trustee and not Adani Green Energy.

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 and its certain specified subsidiaries (“STG”). BICAP Trustee has recently reported creation of encumbrance over the shares held by the Promoters in the Company in favour of SBICAP Trustee, Suzlon Energy said.

“In the context, we wish to clarify that encumbrance has been created by the Promoters of the Company in favour of SBICAP Trustee only for securing the obligations of the STG towards REC led consortium and not in anybody else favour nor for any other purpose. It is further clarified that there is no existing or new pledge by the Promoters in favour of Adani Green Energy Limited,” Suzlon Energy said in exchange filing. CLICK HERE FORE PRESS RELEASE

SBICAP Trustee on September 3 disclosed a typographical error in its earlier disclosure, which claimed Suzlon Energy promoter had created an additional pledge of 5.53 percent in favour of Adani Green Energy. With this, the total equity pledged with SBICAP Trustee has increased to 9.92 percent. CLICK HERE FOR MORE DETAILS

Suzlon Energy is primarily engaged in the business of manufacturing of wind turbine generators (‘WTGs’) and related components of various capacities.

Adani Green Energy, a part of Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 GW including operating, under-construction, awarded and assets under acquisition catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

To meet India’s 2030 target of 500 GW of renewable energy capacity, wind energy will have to contribute 140 GW, which is highly substantiated by the vast, untapped onshore and offshore wind resources. Across the country, the National Institute of Wind Energy (NIWE) has assessed more than 302 GW of onshore wind potential at 100-meter hub height and nearly 695.5 GW of onshore wind potential at 120-meter hub height.

In the next 20 years, India’s energy demand is anticipated to double. Combined with India’s Renewable Energy aspirations, this makes the nation one of the most attractive emerging markets for renewable energy investment, Suzlon Energy said in FY22 annual report.

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