New Delhi, Jan 7: Mukesh Ambani-led Reliance Industries Ltd. (RIL) on Friday said its group firm Reliance New Energy Solar Ltd. (RNESL) has acquired 1.84 crore equity shares in Sterling and Wilson Renewable Energy Ltd. (SWREL) for Rs. 690 crore from Shapoorji Pallonji and Company Pvt. Ltd.
It had earlier signed definitive agreement to acquire 40 per cent stake in SWREL.
RNESL bought each equity share of face value of Rs. 1 at a price of Rs. 375 in off-market purchase deal.
“Consequent to such acquisition, RNESL holds 25.16 per cent of the total paid-up equity share capital of SWREL,” Reliance said in a stock exchange filing.
Reliance had in October last year signed the pact with Shapoorji Pallonji and Company Pvt Ltd to buy out the stake in Sterling and Wilson.
Sterling and Wilson had in a stock exchange filing earlier said that following the transaction, Reliance would become a promoter of the company along with the existing promoters and promoter group.
