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Reliance arm makes open offer to Sterling and Wilson Solar
Reliance Group firm Reliance New Energy Solar has offered Rs 375 per share to acquire 4.91 crore shares of Sterling and Wilson Solar for over Rs 1,840 crore.
The 4.91 crore shares constitute 25.9 per cent equity stake or the entire public holding in Sterling and Wilson Solar Ltd, Sterling and Wilson Solar said in a regulatory filing.
Apart from Reliance New Energy Solar Ltd (RNESL), the other Reliance Group firms which would be persons acting in concert (PAC) are Reliance Industries Ltd (RIL) and Reliance Ventures Ltd, according to the draft letter of the open offer.
As per the filing, Reliance New Energy Solar Ltd has issued a “draft letter of offer for the open offer for the acquisition of up to 4,91,37,420 fully paid-up equity shares of the 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...”
The shares will be acquired from the public shareholders by Reliance New Energy Solar Ltd together with Reliance Industries Ltd (PAC 1) and Reliance Ventures Ltd (PAC 2), the filing added.
On October 10, the company had announced that RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling and SWSL to acquire 40 per cent stake post-money in SWSL through a series of transactions.
RNESL is a wholly-owned subsidiary of RIL.