Suzlon Energy will buy the 22.48% stake in Germany-based REpower through a combination of cash and debt. The acquisition will be completed by May next year, reports Business Standard.
Suzlon Energy agreed to buy the equity stake from Martifier for Euro 270 million. Currently, Suzlon holds 66% stake in REpower.
Suzlon set aside a USD 360 million rights issue as markets and sentiments across the world fell, in the previous month. The company had planned to use the earnings from the issue to partly fund the acquisition of Martifier`s stake in REpower.(My Iris)