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Reliance Industries executes agreement to acquire 40% in Sterling & Wilson from Shapoorji Pallonji

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Reliance Industries' wholly-owned subsidiary, Reliance New Energy Solar, acquired 1.84 crore shares in Sterling & Wilson shares for Rs 690 crore at Rs 375 apiece in an off-market deal. 

Reliance Industries executes agreement to acquire 40% in Sterling & Wilson from Shapoorji Pallonji
Reliance Industries said on Friday that it had executed an agreement to acquire a 40 percent stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company. Reliance New Energy Solar, a wholly-owned subsidiary of oil-to-telecom conglomerate Reliance Industries, acquired 1.84 crore Sterling & Wilson Renewable shares for Rs 690 crore (at Rs 375 apiece) in an off-market deal.
Shapoorji Pallonji and Company is a promoter of Sterling and Wilson Renewable Energy, formerly known as Sterling and Wilson Solar.
Consequent to the acquisition, Reliance New Energy Solar holds 25.16 percent of Sterling and Wilson Renewable Energy's total paid-up equity share capital. Shapoorji Pallonji and Company's stake in Sterling and Wilson Renewable Energy has come down to 33.06 percent, from 42.76 percent.

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In October last year, Reliance New Energy Solar had executed definitive agreements with Shapoorji Pallonji, Khurshed Daruvala and Sterling & Wilson Solar to acquire the 40 percent stake post-money in Sterling and Wilson Solar through a series of transactions.
Reliance Industries shares rose as much as 0.7 percent to Rs 2,432.9 apiece on BSE, having gained as much as 1.7 percent to Rs 2457.7 apiece earlier on Friday. The Sterling and Wilson Renewable Energy stock was flat at Rs 377.5 apiece, after rising as much as  2.4 percent during the session.
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