Suzlon Energy plans to buy balance 4.8% shares in REpower Systems

MUMBAI: Suzlon Energy plans to buyout the balance 4.8% shares in Germany’s REpower Systems for euro 63 million to make it a 100% owned subsidiary, the Indian wind turbine-major said on Thursday.

In April, Suzlon Energy raised its holding in REpower to 95.16% from 90.5% and initiated the process to “squeeze out” minority shareholders. AE-Rotor Holding, a subsidiary of Suzlon Energy, has communicated its offer to buy the balance stake in REpower Systems at euro142.77 a share to the latter’s executive board.

REpower would seek shareholder approval for the stake sale in its annual general meeting scheduled for September 21.