Reliance Industries agrees to buy up to 40% of Sterling and Wilson Solar (updated)

Sterling and Wilson Renewable Energy

10/10/2021 16:56

(Recasts, updates with details of acquisitions)
    NEW DELHI, Oct 10 (Reuters) - Indian conglomerate Reliance
Industries Ltd  RELI.NS  has agreed to buy up to a 40% stake in
Sterling and Wilson Solar Ltd  STEN.NS  through its unit
Reliance New Energy Solar Ltd, the companies said in separate
statements on Sunday.
    Sterling and Wilson said on Sunday it had agreed to sell a
15.46% stake in the company to RNESL for 10.99 billion rupees
($146.3 million) by issuing new shares.  urn:newsml:reuters.com:*:nL4N2R609H
    Reliance said Shapoorji Pallonji and Co. Pvt. Ltd, one of
the promoters of Sterling and Wilson, will also sell 18.4
million shares, representing about 9.7% of the company's post
preferential share capital, to RNESL at a price of 375 per
share.
    The Reliance group will make an open offer to acquire a
further 25.9% stake in accordance with Indian market
regulations, Reliance said.

 (Reporting by Nidhi Verma; Editing by Jan Harvey)
 ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters
Messaging: nidhi.verma.thomsonreuters.com@reuters.net))