Suzlon Energy finalizes payment schedule with Martifier Group

Suzlon Energy Ltd has announced that the Company and the Martifer Group have agreed on the third and final payment of Euro 175 million, as per the payment plans, for the sale of Martifer's final 16.79% stake held in REpower Systems AG to Suzlon.

Suzlon will pay approximately Euro 87.6 million on May 28, 2009, which has since been paid and approximately Euro 87.6 million to be paid on June 05, 2009.

Post payment of May 28, 2009, Suzlon's shareholding stands increased to 83.43% in REpower. And upon conclusion of the balance payment on June 05, 2009, Suzlon will control 90.72% of shares in REpower.

The stock was trading at Rs.94.50, up by Rs.3.50 or 3.85%. The stock hit an intraday high of Rs.95 and low of Rs.92.50.

The total traded quantity was 7257193 compared to 2 week average of 20167988.

Source : Equity Bulls

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