Listed infrastructure fund Infratil will do a six-month strategic review of its 65 per cent stake in Tilt Renewables after receiving inquiries about its investment in the wind farm operator, opening up the possibility of a takeover.

Tilt managment said they would prepare for a takeover in case Infratil decided to sell down its shares, causing stock in Tilt to shoot up 20 per cent to $4.44 in early trading before easing back to $4.35 near the market close.