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Monday, October 18, 2021

RIL shares hit record high, shares plunge 2% after taking stake in REC Solar and Sterling & Wilson

Shares of Reliance Industries (RIL) rose 2% today and touched a new record high. RIL shares are trading at an all time high of Rs 2724.7. Earlier on Sunday night, RIL’s solar power unit had announced stake in REC Solar and Sterling & Wilson. The biggest support in the rise of Nifty today was the shares of RIL. This rally made up for the weakness of TCS and Nifty IT.

Earlier on Friday too, RIL shares had gained 4%. And its market cap had exceeded Rs 18 lakh crore. Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of RIL, on Sunday morning announced the purchase of REC Solar Holdings from China National Bluestar (Group) Company Limited. The deal was done for $7710 million.

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Norway’s REC specializes in manufacturing long life solar cells and panels. It manufactures products related to clean and affordable solar power. It has three manufacturing plants. Two of which are in Norway and one in Singapore.

Whereas on Sunday evening, Reliance New Energy Solar Limited (RNESL) announced another deal. The company informed that it will buy 40% stake in Sterling & Wilson Solar Limited (SWSL). The company has done this stake for Rs 2845 crore. Shapoorji Pallonji Group has sold stake in its solar company Sterling & Wilson Solar Limited (SWSL) to reduce debt from its balance sheet. In the last one month, the company has sold stake in its other company.

The deal between Reliance New Energy Solar Limited (RNESL) and Sterling & Wilson Solar Limited (SWSL) will be completed in two phases. Shapoorji’s company will first make a preferential allotment of 2.93 crore equity shares to Reliance New Energy Solar. This is equivalent to 15.46% stake in the company. This allotment of preferential shares will be done at Rs 375 per share with a total cost of Rs 1,100 crore.

After the preferential allotment, RNESL will take 1.84 crore equity shares i.e. 9.7% stake. The company will also take this stake at the rate of Rs 375 per share. After this the company will make a public offer for 4.91 crore shares. This equates to a 25.9% stake. Taking all this together, Reliance New Energy Solar Limited (RNESL) will take a total 40% stake in Shapoorji’s company Sterling & Wilson Solar Limited (SWSL).

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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