Reliance New Energy Buys Another 10.37% Stake at Sterling & Wilson Renewable; Details Here

Reliance Industries Limited stated on Thursday, February 10, that its subsidiary firm Reliance New Energy Limited has acquired a further 10.37 per cent stake at Sterling and Wilson Renewable Energy. The further stake was purchased for Rs 737.54 crore, Reliance stated in its declaration to the inventory exchanges. After the newest transfer, Reliance now owns 40 per cent stake at Sterling and Wilson.

“We fu内her want to inform you that RNEL has on February 9, 2022, acquired, by the use of off-market pu陀hase, an mixture of 19667750 fairness shares of face worth of INR 1/- every representing 10.37% of the paid-up fairness share capital of SWREL at a worth of INR 375/- per fairness share amounting to ₹7375406250 from Shapoorji Pallonji and Company Private Limited (15380904 fairness shares of SWREL) and Mr. Khurshed Daruvala (4286846 fairness shares of SWREL) who’re additionally promoters of SWREL,” learn RIL’s assertion to the inventory exchanges,

“We further wish to inform you that RNEL has on February 9, 2022 acquired, by way of off-market pu陀hase, an aggregate of 1,96,67,750 equity shares of face value of Rs 1 each representing 10.37 per cent of the paid-up equity share capital of SWREL at a price of INR 375/- per equity share amounting to Rs 737,54, 06,250 from Shapoorji Pallonji and Company Private Limited (1,53,80,904 equity shares of SWREL) and Mr. Khurshed Daruvala (42,86,846 equity shares of SWREL) who are also promoters of SWREL,” the corporate additional added in its assertion.

Consequent to such acquisition, RNEL holds 40.00 per cent of the full paid-up fairness share capital of SWREL, Reliance Industries stated additional.

Last month, Sterling and Wilson had disclosed that Reliance New Energy Solar Ltd (RNESL) has grow to be its promoter submit cost of stability Rs 1,583 crore for acquisition of 25.90 per cent fairness in it.

Earlier RNESL (acquirer), Reliance Industries Ltd (RIL) and Reliance Ventures Ltd (RVL) had made preliminary cost of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per fairness stake within the SWREL, confirmed a BSE submitting.

Consequent to the allotment of the subscription shares and in accordance with the phrases of the SSA and the SEBI (SAST) Regulations, the acquirer (RNESL) has been categorised as a promoter of the goal firm (SWREL) together with the prevailing promoter and promoter group of the goal firm with impact from December 30, 2021, it acknowledged.

On December 30, 2021, the acquirer deposited a further over Rs 1,583 crore within the money escrow account, opened by the acquirer, which along with the preliminary money deposit of Rs 259.26 crore, made by the acquirer, “is equal to 100 per cent of the supply consideration payable underneath the open supply, assuming full acceptance of the open supply”, it said.

Earlier in October last year, RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala, and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 per cent stake post-money in SWSL through a series transactions.

Disclaimer:Network18 and TV18 – the companies that operate – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(With PTI inputs)

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