Reliance Industries announced on Sunday that its subsidiary Reliance New Energy Solar Ltd (RNESL) will acquire a 40 % stake in Sterling & Wilson Solar Ltd through a combination of primary investment, secondary purchase and open offer for around Rs 2,850 crore.
Sterling and Wilson said on Sunday it had agreed to sell a 15.46 % stake in the company to RNESL for 10.99 billion rupees ($146.3 million) by issuing new shares.
Reliance said Shapoorji Pallonji and Co. Pvt. Ltd, one of the promoters of Sterling and Wilson, will also sell 18.4 million shares, representing about 9.7% of the company’s post preferential share capital, to RNESL at a price of 375 per share.
Sterling and Wilson Solar will make a preferential allotment of 2.93 crore shares (equivalent to 15.46 % post preferential share capital) to Reliance New Energy Solar Ltd at a price of Rs 375 per share, totaling Rs 1,098 crore. RNESL will further acquire 1.84 crore shares from SPCPL (equivalent to 9.70 per cent) at a price of Rs 375 per sahre, totaling Rs 690 crore, the firm said in a statement.
The acquisition announced on Sunday are part of the USD 2 billion Ambani had earmarked for acquisitions to create clean energy capabilities.
