Suzlon Energy Ltd on Tuesday announced the acquisition of the first tranche of Martifer Group’s stake in REpower for euro 65 million. The transaction takes Suzlon’s holding in REpower to 73.71 per cent. Suzlon already holds 91 per cent voting rights in REpower through an existing agreement with Martifer.
Suzlon and the Martifer earlier this month had entered into an agreement on a revised payment schedule for Martifer’s 22.4 per cent stake in REpower. According to the new terms, Suzlon acquires the stake in three tranches by payment of ?65 million in December, ?30 million in April, 2009, and the final tranche of ?175 million in May 2009, which will take Suzlon’s ownership level to approximately 91 per cent in REpower.
Source : BL