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Sterling & Wilson board approves allotment of 2.93 crore shares to Reliance New Energy at Rs 375 apiece

Post allotment, RNESL will hold 15.46 percent of the total paid-up equity share capital of the firm.

December 30, 2021 / 06:41 PM IST
Representative image

Representative image

Sterling & Wilson's board of directors has approved the allotment of 2.93 crore equity shares to Reliance New Energy Solar Limited (RNESL) at a price of Rs 375 apiece, aggregating to Rs 1,099 crore.

Post allotment, RNESL will hold 15.46 percent of the total paid-up equity share capital of the firm, the company said in an exchange filing on December 30.

The details pertaining to Sterling & Wilson's issuance of 2.93 crore equity shares to RNESL was disclosed by the Company to the BSE and NSE on October 10, 2021.

ALSO READ: Reliance New Energy Solar makes big investments in less than a year

Following the allotment, Sterling & Wilson's subscribed and paid-up equity share capital stands increased from 16,03,60,000 to 18,96,93,333 equity shares of face value of Rs 1 each.

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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.

On October 10, RNESL, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), announced acquisition of 100 percent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd, for an enterprise value of $771 million.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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first published: Dec 30, 2021 05:57 pm
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