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At a value of Rs 510 per share, Suzlon’s public challenge in 2005 was initially met with apprehension. Wind power was a brand new sector and the corporate’s promoter, Tulsi Tanti was not a really acquainted title.
Helped by a buoyant market, the difficulty was oversubscribed 15x. By that interval, Tanti was all around the media espousing the reason for his new-age enterprise, as he spoke of the potential and it being the inevitable future.
The federal government’s accelerated depreciation profit was an enormous incentive and traders fortunately purchased the Suzlon story. If the corporate’s title sounded a bit of odd, it was a mixture of sooj booj (a phrase in Hindi referring to the power to guage a scenario nicely) and “mortgage”.
Over the past decade, Suzlon went via 4 rounds of mortgage restructuring — in 2010, 2012, 2016 and as not too long ago as 2020. Dilip Shanghvi of Solar Pharma’s acquired a stake in Suzlon, however challenges remained. In June this yr, Suzlon mentioned it had accomplished its debt restructuring however the time taken and haircut to the lenders.
Although Suzlon is now within the black, its inventory costs languish. With Tanti’s passing, the way forward for the corporate is a bit of unclear. A rights challenge opens in a couple of days and that can be intently watched.
Additionally learn: Suzlon Vitality founder Tulsi Tanti passes away as a result of cardiac arrest
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