Reliance becomes promoter and holds over 40% stake in SWREL
Sterling and Wilson Renewable Energy Ltd (SWREL) on said that Reliance New Energy Solar Ltd (RNESL) has become its promoter, after the payment of balance Rs 1,583 crore for acquisition of 25.90 per cent equity in it. With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL. Sterling & Wilson Solar Ltd is also known as Sterling and Wilson Renewable Energy. Sterling & Wilson Solar Ltd is also known as Sterling and Wilson Renewable Energy.
The allotment of the subscription shares and in accordance with the terms of the SSA and the SEBI (SAST) Regulations, the acquirer (RNESL) has been classified as a promoter of the target company (SWREL) along with the existing promoter and promoter group of the target company.
On December 30, 2021, the acquirer deposited an additional over Rs 1,583 crore in the cash escrow account, opened by the acquirer, which together with the initial cash deposit of Rs 259.26 crore, made by the acquirer.
“The board of directors of the company at its meeting held on December 30, 2021 agreed for the allotment of 2,93,33,333 equity shares of face value rupee one each fully paid-up in a dematerialised 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 crore."