Why Suzlon Shares Hit Another 52-Week High Today

Suzlon’s share price continued to make gains for the third straight session on Wednesday going up over 4% to hit a new 52-week high of ₹28.25.

What Happened: The surge in the stock comes today as the wind energy major’s promoters released the pledge on 97.1 crore shares held with SBICAP Trustee Company Ltd. This release accounts for 7.1% of the total equity.

See Also: If Your Dad Invested ₹10,000 In Vedanta A Decade Ago, Here’s How Much You’d Have Today

The pledged shares were officially released on September 28, according to an exchange filing. As per the latest shareholding pattern, the promoters of Suzlon held a 13.3% stake in the firm, which translates to nearly 180 crore shares. Out of these shares, approximately 80.77%, equivalent to 146 crore shares, had been previously pledged.

Last week, Dilip Shanghvi and Associates who had entered into an Amended and Restated Shareholders’ Agreement dated 28th February decided to terminate the agreement. One of the country's richest people, Shanghvi in a statement said while they would continue as investors in the company, they have decided to terminate the formal shareholder’s agreement signed originally in 2015. 

Price Action: Suzlon’s share price was up 4.64% to trade at ₹28.20 in the late hours of trading on Wednesday.

Read Next: This Small Cap Stock Has Climbed 26% In 6 Months, But Analyst Sees Massive 87% Rally Ahead