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Suzlon shares jump after deal to sell Hansen stake

Suzlon shares jump after deal to sell Hansen stake
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First Published: Mon, Jul 25 2011. 01 28 PM IST
Updated: Mon, Jul 25 2011. 01 28 PM IST
Mumbai: Shares in Suzlon Energy, the world’s 5th largest wind turbine maker, rose as much as 4.6% after the company said it agreed to sell its 26% stake in Hansen Transmissions International for about $187 million (approximately Rs840 crore).
Suzlon holds a 26% stake in Hansen Transmission through its Netherlands-based subsidiary, AE-Rotor Holding BV, Suzlon said in an announcement to the Bombay Stock Exchange.
In the offer document, the directors of Hansen have announced that they consider the terms of the offer to be fair and reasonable and have unanimously recommended that the shareholders of Hansen accept the offer.
Suzlon recently made an announcement that it plans to purchase the remaining minority stake in German entity REpower Systems AG for €63 million.
The transaction would be done through Suzlon’s step-down wholly-owned subsidiary, AE-Rotor Holding BV (AERH).
Suzlon has a 95.16% stake in REpower and now plans to buyout the remaining shareholding, amounting to less than 5%.
At 12:23 pm, Suzlon shares were up 4.6% at Rs55.30.
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First Published: Mon, Jul 25 2011. 01 28 PM IST