RIL subsidiary RNESL raises stake in SWREL to 25.16%

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Mumbai : Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL) has acquired additional 9.7% stake in Sterling and Wilson Renewable Energy Limited (SWREL) from Shapoorji Pallonji by way of off market purchase.

“RNESL has acquired, by way of off-market purchase, 1,84,00,000 equity shares of face value of INR 1/- each at a price of INR 375/- per equity share aggregating INR 690,00,00,000 from Shapoorji Pallonji and Company Private Limited, one of the promoters of SWREL. Consequent to such acquisition, RN ESL holds 25.16% of the total paid-up equity share capital of SWREL” RIL said in a regulatory filing.

In October RIL has said that it has executed a definitive agreement for acquisition of 40% stake in Sterling and Wilson Renewable Energy Limited (SWREL) (formerly known as Sterling and Wilson Solar Limited) by Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of the Company, and subsequent preferential allotment of 2,93,33,333 equity shares of face value of INR 1/- each at a price of INR 375/- per Equity Share by SWREL to RNESL, representing 15.46% of the post preferential issue paid-up equity share capital of SWREL.

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