Suzlon‘s share price surged over 4% on Wednesday morning to hit an intraday high of ₹69.40.

What Happened: The massive surge today comes as the the Pune-based wind major said it will acquire a 76% stake in Renom Energy Services. The acquisition will proceed in two stages: an immediate purchase of 51% for ₹400 crore, followed by an additional 25% acquisition within 18 months for ₹260 crore.

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Renom Energy Services currently manages 1,782 megawatts in wind, 148 megawatts in solar and 572 megawatts in balance of plant assets.

Following the acquisition, Renom will continue to operate as a board-managed independent service provider. The deal is anticipated to enhance Renom's core capabilities and solidify its position as a prominent custodian of multibrand renewable energy assets.

Renom Energy’s turnover for the year ended March 2024 came in at ₹213 crore, up 25% from the ₹168 crore posted in the year ended March 2023.

Price Action: Suzlon’s share price was up 3.89% to trade at ₹68.85 as the markets opened on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.