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Suzlon Group, India's largest renewable energy solutions provider, said on August 6 that it has signed definitive agreements for the acquisition of a 76 percent stake in Renom Energy Services Private Limited, in two tranches, from the Sanjay Ghodawat Group (SGG).
The first tranche involves the acquisition of a 51 percent stake for a consideration of Rs 400 crore, Suzlon said in a press release. In the second tranche, Suzlon will acquire an additional 25 percent stake within 18 months from the acquisition of the first tranche for a consideration of Rs 260 crore.
Renom is the largest Multi Brand Operations and Maintenance service (βMBOMSβ) provider in the country with assets of 1,782 MW in Wind, 148 MW in Solar, and 572 MW in BOP under maintenance across customer segments, according to the press release.
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Domestic institutional investors (DII) were net buyers of shares worth Rs 9,156 crore, while foreign investors (FII) were net sellers of shares worth Rs 10,074 crore, provisional data from NSE showed on August 5.
DIIs bought Rs 23,767 crore worth of shares and sold shares worth Rs 14,611 crore. Meanwhile, FIIs purchased Rs 12,724 crore in shares and offloaded equities worth Rs 22,798 crore during the trading session.
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Buy-the-dips' strategy may have worked well in the past, but given the heightened uncertainty in global markets, investors would be better off playing it safe for now, caution market experts.
For me its better to wait and watch π
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Kishore Biyani-promoted Future Retail has been admitted by the National Company Law Tribunal (NCLT) Mumbai branch for liquidation. This comes due to the absence of any viable revival plan for the company.Β
