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Reliance group firm to acquire 49.1 million shares of Sterling & Wilson Solar

IBEF:  October 28, 2021

Reliance Group’s wholly-owned subsidiary Reliance New Energy Solar Ltd (RNESL) has offered Rs. 375 per share (US$ 5) to acquire 49.1 million shares of Sterling and Wilson Solar for over Rs. 1,840 crore (US$ 245.14 million).

The 49.1 million shares constitute 25.9% equity stake or the entire public holding in Sterling and Wilson Solar Ltd, company stated in a regulatory filing.

Besides Reliance New Energy Solar Ltd (RNESL), the other Reliance Group businesses which would be persons acting in concert (PAC) are Reliance Industries Ltd (RIL) and Reliance Ventures Ltd, according to the draft letter of open offer.

As per the filing, Reliance New Energy Solar Ltd has issued a “draft letter of offer for open offer for acquisition of up to 4,91,37,420 fully paid-up equity shares of face value of Rupee one each representing the entire public shareholding constituting 25.90% of the emerging Voting Capital of Sterling and Wilson Solar Ltd...”

The shares will be bought from the public shareholders by Reliance New Energy Solar Ltd. simultaneously with Reliance Industries Ltd (PAC 1) and Reliance Ventures Ltd (PAC 2), the filing included.

On October 10, the firm had announced that RNESL had completed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Mr. Khurshed Daruvala, Sterling and SWSL to acquire 40% stake post-money in SWSL through a sequence of transactions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.