Sterling and Wilson Solar soars 17% as RIL to buy 40% stake in company

Reliance Industries through its subsidiary will acquire a 40 per cent stake in Sterling and Wilson Solar through a combination of primary investment, secondary purchase and open offer

Shares of Sterling and Wilson Solar (SWSL) rallied 17 per cent to hit a 52-week high of Rs 509 on the BSE in Monday’s intra-day trade after the company announced on Sunday that Reliance Industries (RIL) through its subsidiary will acquire a 40 per cent stake in the company through a combination of primary investment, secondary purchase and open offer for around Rs 2,850 crore.

“Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of RIL, executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and SWSL to acquire 40 per cent stake post-money in SWSL