Reliance Industries surges over 2% after subsidiary RNEL increases stake in SWREL to 29.63% with investment of ~Rs318cr

31 Jan 2022 , 11:05 AM

Reliance Industries Limited (RIL) updated the exchanges on Saturday about investment in Sterling and Wilson Renewable Energy Limited (SWREL) by Reliance New Energy Limited (RNEL, formerly known as Reliance New Energy Solar Limited).

RNEL, a wholly-owned subsidiary of RIL has, on January 28, 2022, completed the acquisition from the public shareholders of SWREL of 84,76,251 equity shares of SWREL of the face value of Rs1/- each at a price of Rs375/- per equity share aggregating Rs317,85,94,125 pursuant to the open offer made by RNEL (together with the Company and Reliance Ventures Limited, as persons acting in concert with RNEL).
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Consequent to such acquisition, RNEL holds 29.63% of the total paid-up equity share capital of SWREL.

At around 11.09 am, Reliance Industries Ltd was trading at Rs2,387.05 per share up by Rs51.65 or 2.21% from its previous closing of Rs2,335.40 per share on the BSE.

The company had in December intimated about the execution of definitive agreement signed in October for acquisition of 40% stake in SWREL (formerly known as Sterling and Wilson Solar Limited) by RNEL subsequent preferential allotment of 2,93,33,333 equity shares of face value of Rs1/- each, representing 15.46% of the post preferential issue paid-up equity share capital of SWREL, at a price of Rs375/- per equity share by SWREL to RNEL.

It had also informed about the acquisition by way of off-market purchase of 1,84,00,000 equity shares of face value of Rs1/- each representing 9.70% of the paid-up equity share capital of SWREL at a price of Rs375/- per equity share from Shapoorji Pallonji and Company Private Limited, one of the promoters of SWREL.