After paying the remaining Rs 1,583 crore for a 25.90% stake in Sterling and Wilson Renewable Energy Ltd (SWREL), Reliance New Energy Solar Ltd (RNESL) became the company’s promoter. RNESL and other group firms now own over 40% of SWREL.
An earlier BSE filing showed RNESL (acquirer), Reliance Industries Ltd and Reliance Ventures Ltd (RVL) paid Rs 259 crore for 4.91 crore shares or 25.90 per equity stake in SWREL.
Following the allotment of the subscription shares, the acquirer (RNESL) has been classified as a promoter of the target company (SWREL) along with the existing promoter and promoter group, it stated.
A cash escrow account opened by the acquirer on December 30, 2021, received over Rs 1,583 crore on that date, which together with the initial cash deposit of Rs 259.26 crore, “is equivalent to 100% of the offer consideration payable under the open offer”, it said.
It also stated that the target company issued and allotted the subscription shares to the acquirer on December 30, 2021, after receiving shareholder approval on November 2, 2021. SWREL also approved the sale of 2.93 crore equity shares to Reliance New Energy Solar Ltd for Rs 1,099 crore. RNESL now owned 15.46% of SWREL’s paid-up capital.
This is a Syndicate News Feed; edited by Clean-Future Team