New Delhi: Sterling & Wilson Renewable Energy Limited (vowels) said on Monday Reliance New Energy Solar Limited ,RNSL) has become its promoter after paying the balance Rs 1,583 crore to acquire 25.90 per cent equity in it.
With this transaction, RNESL and other group firms hold over 40 per cent stake in SWREL.
Earlier RNESL (Acquirer), Reliance Industries Limited (RIL) and Reliance Ventures Limited (RVL) had made an initial payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per equity stake in SWREL, the BSE filing showed.
Consequent upon the allotment of subscription shares and in accordance with the SSA and SEBI (SAST) Regulations, the acquirer (RNESL) is classified as the promoter of the target company (SWREL) along with the existing promoter and promoter. group of the company targeted with effect from December 30, 2021, it said.
As on December 30, 2021, the acquirer deposited over Rs 1,583 crore into the cash escrow account opened by the acquirer, with an initial cash deposit of Rs 259.26 crore made by the acquirer, “equivalent to 100 per cent” under the open offer. Consideration of the offer due, assuming full acceptance of the open offer”, it said.
It further states that the target company, upon receipt of the shareholders’ approval on November 2, 2021, fulfills the precedent of other conditions under the SSA and in accordance with the articles of association of the target company, issues and allot membership shares . The acquirer on December 30, 2021.
In October this year, RNESL had entered into definitive agreements with Shapoorji Pallonji & Company Private Limited (SPCPL), Khurshid Daruwala and Sterling & Wilson Solar Limited (SWSL) to acquire 40 per cent stake in SWSL through a chain transaction.
Sterling & Wilson Solar Limited is now known as Sterling & Wilson Renewable Energy.
Last week, SWREL also approved the allotment of 2.93 crore equity shares for Rs 1,099 crore Reliance New Energy Solar Limited
Post this transaction, RNESL held 15.46 per cent paid-up equity share capital of SWREL.
“The Board of Directors of the Company in its meeting held on 30th December, 2021 approved the allotment of 2,93,33,333 equity shares of fully paid up face value in a demat form by way of preferential allotment for cash consideration. , RNESL at a price of Rs 375 per equity share aggregating to Rs 1,099.99 crore,” a regulatory filing was said.
With this transaction, RNESL and other group firms hold over 40 per cent stake in SWREL.
Earlier RNESL (Acquirer), Reliance Industries Limited (RIL) and Reliance Ventures Limited (RVL) had made an initial payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per equity stake in SWREL, the BSE filing showed.
Consequent upon the allotment of subscription shares and in accordance with the SSA and SEBI (SAST) Regulations, the acquirer (RNESL) is classified as the promoter of the target company (SWREL) along with the existing promoter and promoter. group of the company targeted with effect from December 30, 2021, it said.
As on December 30, 2021, the acquirer deposited over Rs 1,583 crore into the cash escrow account opened by the acquirer, with an initial cash deposit of Rs 259.26 crore made by the acquirer, “equivalent to 100 per cent” under the open offer. Consideration of the offer due, assuming full acceptance of the open offer”, it said.
It further states that the target company, upon receipt of the shareholders’ approval on November 2, 2021, fulfills the precedent of other conditions under the SSA and in accordance with the articles of association of the target company, issues and allot membership shares . The acquirer on December 30, 2021.
In October this year, RNESL had entered into definitive agreements with Shapoorji Pallonji & Company Private Limited (SPCPL), Khurshid Daruwala and Sterling & Wilson Solar Limited (SWSL) to acquire 40 per cent stake in SWSL through a chain transaction.
Sterling & Wilson Solar Limited is now known as Sterling & Wilson Renewable Energy.
Last week, SWREL also approved the allotment of 2.93 crore equity shares for Rs 1,099 crore Reliance New Energy Solar Limited
Post this transaction, RNESL held 15.46 per cent paid-up equity share capital of SWREL.
“The Board of Directors of the Company in its meeting held on 30th December, 2021 approved the allotment of 2,93,33,333 equity shares of fully paid up face value in a demat form by way of preferential allotment for cash consideration. , RNESL at a price of Rs 375 per equity share aggregating to Rs 1,099.99 crore,” a regulatory filing was said.
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