 "Sterling & Wilson approves allotment of 29.3 million shares to RNESL")
Sterling & Wilson today said its board of directors has approved the allotment of 29.3 million equity shares to Reliance New Energy Solar Limited (RNESL) at a price of Rs 375 per share, aggregating to Rs 10.99 billion.
Post allotment, RNESL will hold 15.46 per cent of the total paid-up equity share capital of the firm, the company said in an exchange filing today.
Following the allotment, Sterling & Wilson's subscribed and paid-up equity share capital stands increased at 18,96,93,333 from 16,03,60,000 equity shares of face value of Rs 1 each.
Also, on consummation of the transaction under the share subscription agreement -- dated October 10, 2021 -- executed between RNESL, Shapoorji Pallonji and Company Private Limited and Khurshed Daruvala, RNESL will become a promoter of the Sterling & Wilson along with the existing promoters and promoter group of the firm.
RNESL is a wholly-owned subsidiary of Reliance Industries Ltd (RIL).
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%