Reliance Industries agrees to buy up to 40% of Sterling and Wilson Solar

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The Reliance Industries logo is shown at a stall at the Vibrant Gujarat Global Trade Show, January 17, 2019 in Gandhinagar, India. Businesshala/Amit Dave/Files
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NEW DELHI (Businesshala) – Indian conglomerate Reliance Industries Ltd through its unit Reliance New Energy Solar Ltd has agreed to buy up to 40% stake in Sterling & Wilson Solar Ltd, the companies said in separate statements on Sunday.

Sterling & Wilson said on Sunday that it has agreed to sell a 15.46% stake in the company to RNESL for 10.99 billion rupees ($146.3 million) by issuing new shares.

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Reliance said Shapoorji Pallonji & Company Pvt. Ltd., one of the promoters of Sterling & Wilson, will also sell 18.4 million shares, representing approximately 9.7% of the company’s post preferential share capital, to RNESL at a price of ₹375 per share.

Reliance Group will make an open offer to acquire another 25.9% stake in accordance with Indian market regulations, Reliance said.

Reporting by Nidhi Verma; Editing by Jan Harvey

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