Advertisement
Tuesday, Nov 30, 2021
Outlook.com
Outlook.com

Reliance New Energy Offers Rs 375 Per Share To Acquire 4.91 Crore Shares Of Sterling and Wilson Solar

The shares will be acquired from the public shareholders by Reliance New Energy Solar Ltd together with Reliance Industries Ltd (PAC 1) and Reliance Ventures Ltd (PAC 2).

Reliance New Energy Offers Rs 375 Per Share To Acquire 4.91 Crore Shares Of Sterling and Wilson Solar
Reliance New Energy Offers Rs 375 Per Share To Acquire 4.91 Crore Shares Of Sterling and Wilson Solar
outlookindia.com
2021-10-27T11:57:54+05:30

Reliance Group firm Reliance New Energy Solar has offered Rs 375 per share to acquire 4.91 crore shares of Sterling and Wilson Solar for over Rs 1,840 crore.

The 4.91 crore shares constitute 25.9 per cent equity stake or the entire public holding in Sterling and Wilson Solar Ltd, Sterling and Wilson Solar said in a regulatory filing.

Apart from Reliance New Energy Solar Ltd (RNESL), the other Reliance Group firms which would be persons acting in concert (PAC) are Reliance Industries Ltd (RIL) and Reliance Ventures Ltd, according to the draft letter of the open offer.

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 per cent of the emerging Voting Capital of Sterling and Wilson Solar Ltd..."

The shares will be acquired from the public shareholders by Reliance New Energy Solar Ltd together with Reliance Industries Ltd (PAC 1) and Reliance Ventures Ltd (PAC 2), the filing added.

On October 10, the company had announced that RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling and SWSL to acquire 40 per cent stake post-money in SWSL through a series of transactions.

RNESL is a wholly-owned subsidiary of RIL.

(With PTI Inputs)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Meet Parag Agrawal: The New Indian Origin CEO Of Twitter

Meet Parag Agrawal: The New Indian Origin CEO Of Twitter

The incoming CEO is an IIT Bombay graduate who joined Twitter a decade back after having worked at Microsoft, Yahoo and AT&T in research positions.

Omicron: WHO Warns World Should Be Wide Awake

Omicron: WHO Warns World Should Be Wide Awake

WHO Director-General Tedros Adhanom Ghebreyesus said the emergence of the highly mutated omicron variant underlines just how perilous and precarious our situation is.

Omicron Scare Looms Over IND Tour Of SA, BCCI Awaits Govt Nod

Omicron Scare Looms Over IND Tour Of SA, BCCI Awaits Govt Nod

Several sporting events have been cancelled due to the new variant of the coronavirus, Omicron. India are scheduled to tour South Africa for a full series.

How New Covid-19 Variant Is Impacting Travel Across States In India

How New Covid-19 Variant Is Impacting Travel Across States In India

India has issued fresh travel restrictions for international travellers coming from 'at risk' nations in the wake of the Omicron outbreak across several countries in the world.

Advertisement