Reliance New Energy Solar Ltd, a wholly-owned unit of Reliance Industries Ltd, has acquired 1.84 crore equity shares of Sterling & Wilson Renewable Energy (formerly known as Sterling and Wilson Solar Limited) via off-market purchase from Shapoorji Pallonji and Company Private Limited, one of the promoters of SWREL.
The acquisition was done at INR 375 per equity share, aggregating to INR 690 crore (and equivalent to 9.70% post preferential share capital). Consequent to such acquisition, Reliance New Energy Solar holds 25.16% of the total paid-up equity share capital of SWREL.
Reliance New Energy Solar had recently acquired a 15.46% stake in Sterling and Wilson Renewable Energy Ltd through a preferential allotment of 2,93,33,333 equity shares and thus becoming one of its promoters. The preferential allotment was priced at INR 375 per share.
Reliance New Energy Solar Ltd aspires to take the lead in enabling cost-efficient green energy by having a presence in the end-to-end PV ecosystem from vertically integrated solar component manufacturing to project development. Towards meeting that objective, last year, the company agreed to acquire a 40% stake in Sterling and Wilson Solar Ltd, a leading Indian multinational solar EPC contractor, 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.
The agreement included a preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) for INR 375.00 per share, aggregating to INR 1,098.75 crore. It also included the acquisition of 1.84 crore equity shares from Shapoorji Pallonji and Company Private Limited (equivalent to 9.70% post preferential share capital) at a price of INR 375.0 per share, aggregating to INR 690 crore. Further, Reliance New Energy Solar will make a public announcement to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9%.
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