RIL to buy 40% stake in Sterling & Wilson Solar for Rs 2,850 crore

The company will also acquire 25.9 per cent stake by way of an open offer at the same price

Reliance Industries, RIL
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Photo: Bloomberg

Dev Chatterjee Mumbai
Within hours of announcing acquisition of REC Solar Holdings for $771 million, Reliance Industries announced on Sunday that its subsidiary will acquire a 40 per cent stake in Sterling & Wilson Solar Ltd through a combination of primary investment, secondary purchase and open offer for around Rs 2,850 crore.

Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries, will first acquire 15 per cent in Sterling & Wilson by way of a preferential allotment of 29.3 million equity shares (equivalent to 15.46 per cent post preferential share capital) at Rs 375 per share. RIL will also acquire 18.4 million

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First Published: Oct 10 2021 | 9:10 PM IST

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