Mumbai: Indian wind turbine maker Suzlon Energy said its board would meet on Monday to consider an issue of about 32 million shares to IDFC Private Equity by way of preferential allotment.
The shares proposed to be issued are in consideration of Suzlon’s acquisition of 41 million shares of SE Forge Ltd from IDFC Private Equity.
After the preferential allotment, SE Forge will become a wholly owned subsidiary of Suzlon, it said in a statement to the exchanges.
Shares in Suzlon, which the market values at $2 billion, were trading at Rs58.25, up 1.6% at 2:15 pm, in a Mumbai market that rose 0.4%.
The stock has gained 21% so far in 2010, compared with a 16.3% rise in the main index in the same period.