Suzlon‘s share price jumped back in the green on Thursday going up over 2.5% to hit an intraday high of ₹76.15.

What Happened: Suzlon Energy has sold its Pune headquarters, One Earth, for ₹440 crore to OE Business Park Pvt Ltd (OEBPPL), as part of a strategic move to monetise its non-core assets.

The sale is aligned with the company's efforts to unlock capital for reinvestment into its core renewable energy business, supporting growth and an expanding order book. Following the sale, Suzlon will lease the property back for up to five years, retaining sub-leasing and licensing rights.

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This sale and leaseback arrangement is a first of its kind for a headquarters in India, allowing Suzlon to maintain operations at the same location while freeing up resources for business expansion.

Himanshu Mody, CFO of Suzlon Group, in an interview with ET, emphasised that this decision was part of the company's broader strategy to become asset-light and invest in its core business, particularly as Suzlon's order book grows to nearly 4 GW.

Reacting to the development, ICICI Securities maintained its “add” rating on the stock raising the price target to ₹80 from ₹70.

Price Action: Suzlon’s share price was up 1.52% to trade at ₹75.29 as the markets opened on Thursday.

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