Suzlon is currently the top gainer on the BSE, up almost 9% at Rs.10.76, with an intraday high at Rs.11.35. Volumes are up over 1.2 times.

The stock is up on news that the company plans to list its German subsidiary, Senvion SE or what was earlier known as RE Power on the London Stock Exchange and hopes to raise Rs.10,000 crore.  As per the UK listing norms, the company will have to dilute 25% stake and valuation has been pegged at Rs.40,000 crore. If converted into rupees, this is one of the biggest offerings ever in the global market by an Indian company in recent times.

The company is currently said to be exploring the option of private placement of shares with banks and financial institutions.

Suzlon is sitting on a debt of Rs.13,000 crore and has been a consistent loss maker for the past three years. Though this listing of the subsidiary is very good news for the company as such, it seems unlikely that any money it raises in UK can be brought back to India for retiring this gargantuan debt.