Suzlon on Friday said it has acquired an additional 30 per cent stake in REpower Systems from its French rival Areva, consolidating its holding to 66 per cent in the German wind turbine firm.
The announcement spurred the shares of Suzlon, which touched an intra-day high of Rs 282.50 by surging 6.08 per cent from yesterday's close of Rs 268.60. The scrip was trading at Rs 283.05, up 5.38 per cent on the BSE in the afternoon trade.
"The company has signed a share purchase agreement with Areva for acquisition for its total stake of about 30 per cent in REpower Systems AG," Suzlon said in a filing to the Bombay Stock Exchange.
With this acquisition and through voting pooling agreement with Martifer, who owns about 31 per cent in REpower, the domestic company enjoys voting rights of approximately 89 per cent in the German firm, the filing added.
In May 2007, Suzlon Energy had entered into an agreement with Areva according to which the French firm had the option of selling its holdings in REpower to the Indian entity at its discretion at a guaranteed price.
The agreement followed the acquisition by the Indian firm as last year Suzlon had outbid Areva in the race for acquiring the REpower with a bid of €150 per share. Besides, shares of REpower were trading down 3.78 per cent at €205.97 on the Deutsche Bour se.
The announcement spurred the shares of Suzlon, which touched an intra-day high of Rs 282.50 by surging 6.08 per cent from yesterday's close of Rs 268.60. The scrip was trading at Rs 283.05, up 5.38 per cent on the BSE in the afternoon trade.
"The company has signed a share purchase agreement with Areva for acquisition for its total stake of about 30 per cent in REpower Systems AG," Suzlon said in a filing to the Bombay Stock Exchange.
With this acquisition and through voting pooling agreement with Martifer, who owns about 31 per cent in REpower, the domestic company enjoys voting rights of approximately 89 per cent in the German firm, the filing added.
In May 2007, Suzlon Energy had entered into an agreement with Areva according to which the French firm had the option of selling its holdings in REpower to the Indian entity at its discretion at a guaranteed price.
The agreement followed the acquisition by the Indian firm as last year Suzlon had outbid Areva in the race for acquiring the REpower with a bid of €150 per share. Besides, shares of REpower were trading down 3.78 per cent at €205.97 on the Deutsche Bour se.
Comments