Suzlon has acquired 7.7% stake in REpower from Martifer and have revised the price to Euro 150/share to counter Areva's bid of Euro 140/share, reports CNBC-TV18.

The CMD of Suzlon Energy Ltd, Tulsi Tanti expressed that his company is comfortable with the bid price of Euro 150/share to acquire Germany's REpower. He expressed optimism saying there is a robust demand for renewable energy from the European market.

The bid price is based on REpower's estimated value in March-2009, according to Tanti. He estimated the payback period for REpower buy would be around 5-6 years.

However, the REpower deal may not affect the FY08 EPS. He expected the REpower deal to be EPS Accretive By FY09. Suzlon would mop up shares from the open market to up the stake to 50%.

 April 20 is the deadline for Areva to make the counter-offer. Tanti opined that there is no need to tie-up any additional-financing facility. He added that Suzlon was open to raising the bid price, if Areva counter-bids.

The bid deadline would be extended by 2-weeks if Areva counter-bids.

More to come...