RNESL Offers Rs 375/Share To Acquire 4.91 Crore Shares Of Sterling and Wilson Solar

0
224

Reliance New Energy Solar Limited (RNESL) has offered Rs 375 per share to acquire 4.91 crore shares (constitute 25.9 % equity stake or the entire public holding) of Sterling and Wilson Solar for over Rs 1,840 crore, said Sterling and Wilson Solar said in a regulatory filing.

As per the filing, Reliance New Energy Solar Ltd has issued a “draft letter of offer for the open offer for the acquisition of up to 4,91,37,420 fully paid-up equity shares of the face value of Rupee one each representing the entire public shareholding constituting 25.90 % of the emerging Voting Capital of Sterling and Wilson Solar Ltd.”

Erlier in this month, Reliance Industries had announced 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 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.

The acquisition announced was the part of the USD 2 billion Ambani had earmarked for acquisitions to create clean energy capabilities.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.