RIL-led Reliance New Energy Solar buys 1.84cr equity shares from Shapoorji Pallonji and Company for Rs690cr in Sterling and Wilson Renewable Energy

7 Jan 2022 , 03:07 PM

Reliance Industries (RIL) has announced that wholly-owned subsidiary Reliance New Energy Solar (RNESL) has acquired 1.84cr equity shares by way of off-market purchase from Shapoorji Pallonji and Company Private Limited, one of the promoters of Sterling and Wilson Renewable Energy Limited (SWREL).

The acquisition was carried for Rs375 per equity share and aggregated to Rs690cr.

That said, RNESL holds 25.16% of the total paid-up equity share capital of SWREL.

Last year, RIL intimated about the execution of a definitive agreement for the acquisition of 40% stake in SWREL by subsidiary RNESL and subsequent preferential allotment of 2,93,33,333 equity shares of the face value of Re1 each at Rs375 per Equity Share by SWREL to RNESL, representing 15.46% of the post preferential issue paid-up equity share capital of SWREL.

At around 3.05 pm, RIL was trading at Rs2427 per piece up by 0.4% on Sensex.