Reliance New Energy Solar to acquire 40% stake in Sterling and Wilson Solar
The Hindu
The transaction is subject to customary regulatory and other approvals.
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (Reliance) on Sunday executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40% stake post-money in SWSL through a series of transactions
The deal size is likely to be ₹2,845 crore depending upon the response to the open offer.
There will be a preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) to RNESL at a price of ₹375 per share and RNESL will acquire 1.84 crore equity shares from SPCPL (equivalent to 9.70% post preferential share capital) at a price of ₹375 per share.
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