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.
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.