Suzlon surges 7% on buzz of investment from Sun Pharma's Shanghvi family

Mumbai: Shares of Suzlon Energy today surged over 7 percent amid reports that Sun Pharma’s Dilip Shanghvi will provide as much as Rs 3,800 crore of security that will help the wind turbine maker in availing credits.[caption id=“attachment_2060833” align=“alignleft” width=“380”]  Energizing wind power. Reuters[/caption] Following the buzz, shares of Suzlon jumped 7.32 percent to Rs 27.10 on the BSE. On the NSE, it climbed 7.32 percent to Rs 27.10.. Dilip Shanghvi is the founder and managing director of Sun Pharmaceuticals. As per reports, Dilip Shanghvi will provide as much as Rs 38 billion ($610 million) of security for Suzlon Energy Ltd to help the maker of wind turbines fill orders and return to profit. The security from the Shanghvi family will make it easier for Suzlon to obtain more bank guarantees and letters of credit to ramp up its business, it said. Meanwhile, earlier this month, Suzlon signed definitive pacts with DSA for equity investment of Rs 1,800 crore in the company, amounting to 23 percent stake. DSA also announced an open offer to acquire 26 percent stake in Suzlon at Rs 18 per share aggregating to Rs 2,837 crore. PTI