According to the market cap, the country’s largest company Reliance’s subsidiary Reliance New Energy Solar has proposed to buy 4.91 crore shares of Sterling and Wilson Solar. This purchase will be worth about Rs 1840 crore at the rate of Rs 375 per share. The draft paper related to this offer has been submitted by the company in the regulatory filing today. Talking about the current price of Sterling and Wilser Solar, it closed at Rs 421.60 on BSE on Tuesday, but today it fell by 3.25 per cent and closed at Rs 407.90.
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According to the exchange filing of Sterling & Wilson Solar, after this deal, Reliance’s subsidiary will have 25.9 per cent stake in the company. According to the draft letter of this open offer, apart from Reliance New Energy Solar, Reliance Industries and Reliance Ventures of Reliance Group will also be Persons Acting in Concert (PAC).
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Will buy stake through open offer
According to the filing, Reliance New Energy Solar has issued a draft letter of open offer to buy 4,91,37,420 shares with a face value of Re. Through this purchase, this subsidiary of Reliance will hold 25.90 per cent stake in Sterling & Wilser Solar. According to the filing, Reliance Industries, Reliance Ventures and Reliance New Energy Solar will buy these shares from public shareholders.
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The company had announced the deal on October 10
The company had informed about this deal on October 10 of this month that Reliance New Energy Solar has entered into a deal to buy 40 percent stake from Shapoorji Pallonji & Co Pvt Ltd, Khurshed Daruwala & Sterling and Sterling & Wilser Solar Limited. Sterling & Wilson Solar is a solar energy, procurement and construction solutions provider company. It is a joint venture between Shapoorji Pallonji Group and Khurshid Daruwala family.