Shares in troubled turbine manufacturer Suzlon jumped more than 12% today on local media reports that the Indian company was in talks with a potential new investor.
The Mint financial daily newspaper quoted Suzlon chairman Tulsi Tanti as saying the company had found a “new suitor”.
No details of the potential investor were revealed in the Mint report, because of what Tanti called a “confidentiality agreement” between Suzlon and the company, the paper said.
Suzlon had not responded to a request for comment at press time.
Suzlon shares rose from Rs2.33 at the end of yesterday to as high as Rs2.66 today, with the latest price Rs2.61 at press time.
In May, Suzlon reported debt of Rs11bn for the end of the fiscal year 2019, with a total loss for the 12 months of Rs1536 crores (€195m).
In September, it was reported by Bloomberg that a potential debt resolution deal supported by Vestas fell through when the latter withdrew support, while in August a similar deal with Brookfield Asset Management was also reported to have come to nothing.