Reliance Industries’ arm to acquire 40% stake in Sterling & Wilson Solar

Reliance Industries Ltd. | Refineries | Oil & Gas | BSE: 500325 | NSE: RELIANCE

11 Oct 2021 Evaluate

Reliance Industries’ wholly-owned subsidiary -- Reliance New Energy Solar (RNESL) has executed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala and Sterling and Wilson Solar (SWSL) to acquire 40% stake post-money in SWSL through a series of the transactions.

The series of transactions include, Preferential allotment of 2.93 crore equity shares (equivalent to 15.46 per cent post preferential share capital) at a price of Rs 375 per share; Acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70 per cent post preferential share capital) at a price of Rs 375 per share; Public Announcement by RNESL to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9 per cent in accordance with SEBI Takeover Regulations; and RNESL will hold 40 per cent of the equity capital of SWSL, consequent to acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and sell down, if any required.

Reliance is committed to making India a global leader in green energy based on the latest and most cost-competitive technologies and development capabilities. This partnership with SWSL will provide it access to world-class talent, engineering and project management skills and complement Reliance’s proven strengths in digital technology, engineering, and procurement and project execution - all key ingredients required to deliver high quality, cost efficient and time-bound implementation of giga-scale green energy capacity, in India and across the world.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

Reliance Industries Share Price

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