RIL agrees to acquire up to 40% stakes in Sterling and Wilson Solar

A further 25.9% stake is available for acquisition in accordance with Indian market regulations, Reliance said.

According to statement on Sunday, India’s Reliance Industries Ltd, an Indian conglomerate agrees to acquire up to 40% stake in Sterling and Wilson Solar Ltd through its unit Reliance New Energy Solar Ltd.

A further 25.9% stake is available for acquisition in accordance with Indian market regulations, Reliance further stated

Sterling and Wilson decided to sell to RNESL 15.46 percent of the company’s stake for 10.99 billion rupees ($146.3 million)by issuing new shares.

A promoter of Sterling and Wilson, Shapoorji Pallonji and Co Pvt Ltd, will also sell 18.4 million shares to RNESL for INR 375 per share. This represents about 9.7% of Sterling and Wilson’s post-preferential share capital.

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