Sterling and Wilson Renewable Energy Ltd (SWREL) on Monday said that Reliance New Energy Solar Ltd (RNESL) has become its promoter post payment of balance Rs 1,583 crore for acquisition of 25.90 per cent equity in it.
With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL.
Earlier RNESL, RIL and Reliance Ventures Ltd (RVL) had made initial payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per equity stake in the SWREL, showed a BSE filing.
Consequent to the allotment of the subscription shares and in accordance with the terms of the SSA and the Sebi (SAST) Regulations, the RNESL has been classified as a promoter of the target company SWREL along with the existing promoter and promoter group of the target company with effect from December 30, 2021, it stated.
On December 30, 2021, the acquirer deposited an additional over Rs 1,583 crore in the cash escrow account, opened by the acquirer, which together with the initial cash deposit of Rs 259.26 crore, made by the acquirer, “is equivalent to 100 per cent of the offer consideration payable under the open offer”, it said.
In December RNESL has received approval from the Competition Commission of India (CCI) to acquire Sterling & Wilson Renewable Energy Limited.