Reliance New Energy Solar Ltd, the new energy arm of Reliance Industries Ltd, has offered INR 375 per share to acquire up to 4.91 crore shares of Indian multinational EPC player Sterling and Wilson Solar for over INR 1,840 crore.
The open offer is made for the acquisition of 4,91,37,420 shares, which represent the entire public shareholding constituting a 25.9% equity stake in Sterling and Wilson Solar Ltd, according to a Bombay Stock Exchange filing by Sterling and Wilson Solar.
Reliance Industries Ltd (RIL) and Reliance Ventures Ltd would be the persons acting in concert with Reliance New Energy Solar Ltd for the acquisition of these shares from Sterling and Wilson Solar’s public shareholders.
Reliance New Energy Solar was incorporated in June this year to engage in the business of constructing, erecting, operating, maintaining, and/or assisting in the design, development, manufacture, commissioning and maintenance of solar photovoltaic equipment, facilities, and ancillaries including polysilicon, ingot, wafers, cells, and modules with cutting-edge technology for supply in India or abroad. It shall also engage in developing an integrated energy park for the manufacturing of power electronic products and other ancillaries used in renewable energy and project implementation.
The open offer from Reliance New Energy Solar follows its announcement earlier this month to acquire a 40% stake in Sterling and Wilson Solar Ltd through a combination of preferential allotment, share sale by the Shapoorji Pallonji and Company Private Limited (one of the current promoters of Sterling and Wilson Solar), and an open offer.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.