Wind manufacturer Suzlon Energy’s shares gained almost 20% hitting the Upper circuit. Following the clarification made by SBICAP additional equity pledge had been designed for favouring Suzlon Energy Limited, not for Adani Green Energy, as mentioned prior in a typographical error.

Clarifying the typographical error, Suzlon Energy notified that “SBICAP Trustee has recently reported the creation of encumbrance over the shares held by the Promoters in the Company in favour of SBICAP Trustee in terms of Regulation 29(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. SBICAP Trustee had mentioned the name of ‘Adani Green Energy Limited’ as the ‘Target Company’ in its reporting, instead of ‘Suzlon Energy Limited. The said error has since been rectified,”
following the clarification, the total equity of the SBICAP Trustee elevated to 9.92%.

The SBICAP trustee is an entirely owned subsidiary of SBICAP. It acts as trustee and assists the REC-led consortium (comprising REC Limited and Indian Renewable Energy Development Agency Limited) which has financed the company.

In the report, SBICAP trustee, instead of mentioning the name of Suzlon Energy Limited as their targeted company, SBICAP mistakenly mentioned the name of Adani Green Energy Ltd. Suzlon Energy Limited is an Indian multinational wind turbine manufacturer and renewable energy solution provider based in Pune, the down of the company’s share so far is about 4% in 2022 (YTD), and the stock surge is 69% in a year.