Reliance Group firm to acquire 49.1 mn shares of Sterling & Wilson Solar

New Delhi: Reliance Group firm Reliance New Energy Solar has offered Rs 375 per share to acquire 49.1 mn shares of Sterling and Wilson Solar for over Rs 1,840 crore. The 49.1 mn shares constitute 25.9 percent 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 open offer. As per the filing, Reliance New Energy Solar Ltd 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…” 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 10 October, 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 percent stake post-money in SWSL through a series of transactions. RNESL is a wholly-owned subsidiary of RIL. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost