Shares of Suzlon Energy Ltd, which have given multibagger returns to investors in the last six months, saw mutual funds reducing their exposure to the renewable energy solutions provider in November. Mutual funds sold shares worth ₹1,090 crore last month, data compiled by Nuvama Institutional Equities suggested.
Data showed HDFC MF completely exited the stock, while others including Bandhan MF, Edelweiss MF and Invesco MF pared their stakes valued at ₹264 crore, ₹118 crore and ₹70 crore, respectively.
Meanwhile, Suzlon Energy will likely join AMFI's semi-annual categorisation of midcap stocks. According to Nuvama, the official changes would be announced by AMFI in the first week of January, which would be applicable from February to July 2024.
Suzlon's CFO Himanshu Mody, who in the company's previous interaction with CNBC-TV18 last month had mentioned that the company is not on the block. He said that Suzlon Energy has 1.6 GW of confirmed orders at present.
"We continue to endeavour to make sure that whatever possible we can do in that space, the efforts are always there to see what we can do in that space, but no immediate plans of any change in holding structure at this point in time," Group Vice Chairman Girish Tantis said.
Based on the September quarter shareholding patern, Suzlon's promoters hold a 13.29% stake in the firm.
Shares of Suzlon Energy Ltd were trading 2.09% lower at ₹2.09% apiece on the NSE. The stock has jumped 160% in the last six months and is up 250% so far this year, making it its best calendar year on record. The company went public in late 2005 at an IPO price of ₹510 before falling to an all-time low of ₹2 in 2019.
First Published: Dec 14, 2023 1:44 PM IST
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