The company made the announcement during market hours today, 16 December 2008.Meanwhile, the BSE Sensex was up 62.36 points, or 0.63%, to 9894.09.On BSE, 1.10 crore shares were traded in the counter. The scrip had an average daily volume of 1.08 crore shares in the past one quarter.The stock hit a high of Rs 59.10 and a low of Rs 54 so far during the day. The stock had a 52-week high of Rs 460 on 9 January 2008 and a 52-week low of Rs 36.30 on 2 December 2008.
The stock had underperformed the market over the past one month till 15 December 2008, declining 0.27% as compared to the Sensex's 4.76% rise. It had also underperformed the market in the past one quarter, falling 74.32% as compared to the Sensex's fall of 27.34%.The world's fifth-largest wind turbine maker has an equity capital of Rs 299.65 crore. Face value per share is Rs 2.The current price of Rs 58.35 discounts its Q2 September 2008 annualised EPS of Rs 0.45, by a PE multiple of 129.66.
Under the revised terms, Suzlon will pay 65 million euros in December 2008, 30 million euros in April 2009 and 175 million euros in May 2009 to acquire Portugal-based Martifer's 22.48% stake in REpower. After the acquisition of Martifer's 22.48% stake, Suzlon's holding in REpower will go up to 91%. Suzlon currently holds 68.52% in REPower.
Suzlon and Martifer had said in November 2008 they were negotiating the schedule for the purchase, which is covered by an international bank guarantee of 270 million euros. Earlier, Suzlon had suspended an Rs 1800 crore rights issue that was intended to help fund the deal.
REpower is a German wind turbine company founded in 2001. Its product range comprises several types of turbines with rated outputs of between 1.5 and 5 megawatts.Suzlon Energy's net profit declined 95.2% to Rs 16.98 crore on a 31.9% growth in sales to Rs 2226.25 crore in Q2 September 2008 over Q2 September 2007.Suzlon Energy provides customers with total wind power solutions.
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