Reliance New Energy Solar Ltd, the new energy arm of Reliance Industries Ltd, has offered INR 375 per share to acquire up to 4.91 crore shares of Indian multinational EPC player Sterling and Wilson Solar for over INR 1,840 crore.
The open offer is made for the acquisition of 4,91,37,420 shares, which represent the entire public shareholding constituting a 25.9% equity stake in Sterling and Wilson Solar Ltd, according to a Bombay Stock Exchange filing by Sterling and Wilson Solar.
Reliance Industries Ltd (RIL) and Reliance Ventures Ltd would be the persons acting in concert with Reliance New Energy Solar Ltd for the acquisition of these shares from Sterling and Wilson Solar’s public shareholders.
Reliance New Energy Solar was incorporated in June this year to engage in the business of constructing, erecting, operating, maintaining, and/or assisting in the design, development, manufacture, commissioning and maintenance of solar photovoltaic equipment, facilities, and ancillaries including polysilicon, ingot, wafers, cells, and modules with cutting-edge technology for supply in India or abroad. It shall also engage in developing an integrated energy park for the manufacturing of power electronic products and other ancillaries used in renewable energy and project implementation.
The open offer from Reliance New Energy Solar follows its announcement earlier this month to acquire a 40% stake in Sterling and Wilson Solar Ltd through a combination of preferential allotment, share sale by the Shapoorji Pallonji and Company Private Limited (one of the current promoters of Sterling and Wilson Solar), and an open offer.
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