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Reliance New Energy Solar becomes promoter in Sterling and Wilson Renewable Energy

Tuesday, 04 Jan 2022
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Reliance New Energy Solar has become one of the promoters of Sterling and Wilson Renewable Energy by acquiring 15.46 percent stake through preferential allotment of shares.

The preferential allotment was priced at Rs 375 a share and the transaction closed on 30 December 2021.

In October 2021, Reliance New Energy Solar had signed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala, and Sterling and Wilson Solar (SWSL) to acquire 40 percent stake in SWSL through multiple transactions.

The deal involved a preferential allotment of 2.93 crore equity shares (equivalent to 15.46 percent of the post-preferential share capital) priced at Rs 375 a share and acquisition of 1.84 crore equity shares from SPCPL (equivalent to 9.70 percent post-preferential share capital) priced Rs 375 per share, for a combined amount of about Rs 1,790 crore.

This will be followed by an open offer to public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9 percent, in accordance with SEBI’s takeover regulations.

Reliance New Energy Solar will hold 40 percent of the equity capital of SWSL consequent to share acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala (promoter group).

Reliance New Energy Solar will have the right to nominate two members on the board of the company, and the current promoter and promoter group will have the right to nominate two individuals on the board.

With 11-plus GW of solar turnkey projects executed globally and more than five decades of engineering experience, SWSL is a leading international EPC and O&M service provider in the renewables sector.

The company has a 3,000-strong team and presence across 24 countries, providing solar energy turnkey solutions including design, procurement, construction, project management, and operations and management.
 
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