Latest News | Reliance Group Firm Offers Rs 375/share to Acquire 4.91 Cr Shares of Sterling and Wilson Solar
Get latest articles and stories on Latest News at LatestLY. 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.
New Delhi, Oct 27 (PTI) 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.
Also Read | Samsung Galaxy S21 FE Support Page Reportedly Goes Live Again, Launch Still Possible.
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..."
Also Read | Paytm To Hike IPO Size to Rs 18,300 Crore As Alibaba's Ant Financial, Other Investors Dilute More Stake.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)