Reliance Industries Limited said on Thursday, February 10, that its subsidiary company Reliance New Energy Limited has acquired an additional 10.37 per cent stake at Sterling and Wilson Renewable Energy. The additional stake was bought for Rs 737.54 crore, Reliance said in its declaration to the stock exchanges. After the latest move, Reliance now owns 40 per cent stake at Sterling and Wilson.
“We fu内her wish to inform you that RNEL has on February 9， 2022， acquired， by way of off-market pu陀hase， an aggregate of 19667750 equity shares of face value of INR 1/- each representing 10.37% of the paid-up equity share capital of SWREL at a price of INR 375/- per equity share amounting to ₹7375406250 from Shapoorji Pallonji and Company Private Limited (15380904 equity shares of SWREL) and Mr. Khurshed Daruvala (4286846 equity shares of SWREL) who are also promoters of SWREL,” read RIL’s statement to the stock exchanges.
“We further wish to inform you that RNEL has on February 9, 2022 acquired， by way of off-market pu陀hase, an aggregate of 1,96,67,750 equity shares of face value of Rs 1 each representing 10.37 per cent of the paid-up equity share capital of SWREL at a price of INR 375/- per equity share amounting to Rs 737,54, 06,250 from Shapoorji Pallonji and Company Private Limited (1,53,80,904 equity shares of SWREL) and Mr. Khurshed Daruvala (42,86,846 equity shares of SWREL) who are also promoters of SWREL,” the company further added in its statement.
Consequent to such acquisition, RNEL holds 40.00 per cent of the total paid-up equity share capital of SWREL, Reliance Industries said further.
Last month, Sterling and Wilson had disclosed 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.
Earlier RNESL (acquirer), Reliance Industries Ltd (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 acquirer (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, assuming full acceptance of the open offer”, it said.
Earlier in October last year, RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala, and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 per cent stake post-money in SWSL through a series transactions.
(With PTI inputs)
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