SWSL gets shareholder nod to issue shares to Reliance New Energy Solar

Sterling and Wilson Solar Ltd (SWSL) on Tuesday said it has got shareholders' approval to issue equity shares on a preferential basis to Reliance New Energy Solar Ltd (RNESL) in its extraordinary general meeting (EGM).

"The resolution at the EGM was passed with the requisite majority," according to a BSE filing.

A special resolution "to create, offer, issue and allot equity shares on a private placement/ preferential basis to Reliance New Energy Solar Ltd" was listed on the EGM held on Tuesday.

Earlier, on October 10, the company had announced that RNESL had executed definitive agreements with Shapoorji Pallonji and Company Pvt Ltd (SPCPL), Khurshed Daruvala and Sterling to acquire 40 per cent stake post-money in SWSL through a series of transactions.

These transactions include preferential allotment of 2.93 crore equity shares (equivalent to 15.46 per cent post preferential share capital) at Rs 375 per share; acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70 per cent post preferential share capital) at Rs 375 per share. It also comprises a public announcement by RNESL to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9 per cent.

The company had said RNESL, a Reliance Industries' subsidiary, will hold 40 per cent of the equity capital of SWSL, consequent to the acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and sell down, if any required.

SWSL, a Shapoorji Pallonji Group company, is a global pure-play, end-to-end solar engineering-procurement-construction solutions provider.

It provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering, and manages all aspects of project execution from conceptualisation to commissioning.