Sterling and Wilson Solar shares jump 17% after Reliance Industries deal

New Delhi: Shares of Sterling and Wilson Solar on Monday jumped 17 percent after Reliance Industries announced purchase of 40 percent stake in the Shapoorji Pallonji Group firm. The stock zoomed 17 percent to its 52-week high of Rs 509 on BSE. On NSE, it jumped 17 percent to its 52-week high of 509.10. Shares of Reliance Industries gained 2 percent to its record high of Rs 2,724.70 on BSE. Billionaire Mukesh Ambani’s Reliance Industries on Sunday announced two back-to-back acquisitions — a USD 771 million buyout of Norway-based solar panel manufacturer REC Solar Holdings and purchase of 40 percent stake in Sterling & Wilson Solar — as the oil-to-retail conglomerate moved to create a multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, acquired “100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an Enterprise Value of USD 771 million (about Rs 5,800 crore),” the firm said in a statement. Hours later, it announced through another statement buying of a 40 percent stake in solar engineering, procurement, construction firm Sterling and Wilson Solar in a multi-stage transaction for about Rs 2,845 crore. DISCLAIMER: Network18 and TV18 - the companies that operate Firstpost - are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.