To buy 4.91 crore shares of SWSL, Reliance Group firm offers a price of INR 375 per share

For over INR 1,840 crore, Reliance New Energy Solar offered to acquire over 4.91 crore Sterling and Wilson Solar shares at the price offering of INR 375 per share. 

Reliance New Energy Solar is offering INR 375 per share for 4.91 crore Sterling and Wilson Solar shares, for a total of over 1,840 crore. In a regulatory filing, Sterling and Wilson Solar Ltd (SWSL) said that the 4.91 crore shares represent 25.9 percent of its equity stake or all of its public holdings in the company SWSL. 

Besides Reliance New Energy Solar Ltd (RNESL), the other firms in the Reliance Group which would constitute persons acting in concert (PAC) include Reliance Industries Ltd (RIL) and Reliance Ventures Ltd.

As per the filing, RNESL has issued a “draft letter of offer for open offer for acquisition of up to 4,91,37,420 fully paid-up equity shares of face value of Rupee one each representing the entire public shareholding constituting 25.90 per cent of the emerging Voting Capital of Sterling and Wilson Solar Ltd…” 

A filing further added that Reliance New Energy Solar will acquire shares from public shareholders along with Reliance Industries Ltd (PAC 1) and Reliance Ventures Ltd (PAC 2). 

Announcing this the company stated that the RNESL definitive agreements with Shapoorji Pallonji and Company Private Limited (SPCPL), Khurshed Daruvala, Sterling and SWSL on 10 October, has been made to acquire a 40 per cent stake in SWSL through a series of transactions. The RNESL company is a wholly owned subsidiary of RIL.