New Delhi, Dec 30 (PTI) Sterling and Wilson Renewable Energy (SWRE) on Thursday approved the allotment of 2.93 crore equity shares for Rs 1,099 crore to Reliance New Energy Solar Ltd.

Post this transaction, Reliance New Energy Solar Ltd (RNESL), part of Reliance Industries, will hold 15.46 per cent paid-up equity share capital of SWRE.

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Earlier in October this year, RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala, and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 per cent stake post-money in SWSL through a series transactions.

Sterling & Wilson Solar Ltd is now known as Sterling and Wilson Renewable Energy.

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"The board of directors of the company at its meeting held on December 30, 2021 has approved the allotment of 2,93,33,333 equity shares of face value rupee one each fully paid-up in a dematerialized form by way of preferential allotment for cash consideration, to RNESL at a price of Rs 375 per equity share aggregating to Rs 1,099,99,99,875," a regulatory filing stated.

Post this allotment, RNESL holds 15.46 per cent of the total paid-up equity share capital of the company, it added.

Details pertaining to the company's issuance of 2,93,33,333 equity shares to RNESL were disclosed to BSE and NSE on October 10, 2021.

Consequent to the allotment, the subscribed and paid-up equity share capital of the company stands increased from 16,03,60,000 to 18,96,93,333 equity shares.

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