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).