Why Suzlon Shares Are At Upper Circuit Today

Suzlon‘s share price surged up close to 5% on Thursday to hit upper circuit in early trade on Thursday.

What Happened: The surge in the energy stock comes as the company’s Securities Issue Committee at its meeting held on Wednesday, decided to undertake qualified institutions’ placement of Equity Shares to an extent of up to Rs.1,500 crores, with an option to retain oversubscription of up to Rs.500 crores.

The floor price of the issue is at ₹18.44/share as approved by the shareholders. The Securities Issue Committee of the Board of Directors of the Company will meet on Monday, August 14 to consider and approve the Issue price.

Price Action: Suzlon’s share price was up 4.87 to hit upper circuit at ₹20.45 on Thursday.

Read Next: Why Tata Power Shares Are Upbeat After Q1

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesMarketsMoversTrading IdeasSuzlon