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As on (29 Jan 2022 | 09:11)
Reliance Industries to fund RNESL's acquisition of 40% stake in Sterling & Wilson Solar Back
(11 Oct 2021)
Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of the Company, on 10 October 2021 executed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar (SWSL) to acquire 40% stake in SWSL through a series of transactions as follows:

(a) subscription to 2,93,33,333 equity shares of face value of Re.1/- each of SWSL at a price of Rs.375/- per equity share aggregating Rs. 1099,99,99,875, to be issued by way of a preferential issue proposed to be made by SWSL;

(b) purchase of 1,84,00,000 equity shares of face value of Re.1/- each of SWSL from SPCPL, one of the current promoters of SWSL at a price of Rs.375/- per equity share aggregating Rs.690,00,00,000;

(c) acquisition of up to 4,91,37,420 equity shares of face value of Re.1/- each of SWSL at a price of Rs. 375/- per equity share aggregating Rs. 1842,65,32,500 from the public shareholders of SWSL in the open offer to be made by RNESL in terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; and

(d) purchase of such number of additional equity shares of face value of Re.1/- each of SWSL from SPCPL and Khurshed Daruvala, current promoters of SWSL at a price of Rs. 375/-per equity share as may be required after considering the purchases covered at (a), (b) and (c) above to ensure that RNESL holds 40% of the post preferential issue paid-up equity share capital of SWSL.

The consideration for the above subscription, purchase and acquisition in the open offer will be paid in cash and the Company will provide the funding to RNESL for the above acquisition and will be a PAC with RNESL for the acquisition.

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