Sterling & Wilson Renewable okays share allotment to Reliance

A Sterling and Wilson solar park. (Photo: Business Wire)

December 31 (Renewables Now) - Sterling & Wilson Renewable Energy Ltd (BOM:542760), or SWREL, yesterday approved an allotment of equity shares that would give Reliance New Energy Solar Ltd a stake of 15.46% in the company.

Slightly more than 29.3 million shares will be acquired by the buyer, a unit of Indian conglomerate Reliance Industries Ltd (BOM:500325), at a price of INR 375 apiece. This brings the value of the transaction to INR 11 billion (USD 148m/EUR 130.6m).

In October, Reliance agreed to buy a 40% stake in SWREL, then called Sterling & Wilson Solar Ltd, in a series of transactions, including the preferential allotment of shares, an acquisition from promoters Shapoorji Pallonji and Co Pvt Ltd (SPCPL) and an open offer. The Competition Commission of India (CCI) recently gave the green light to the plan.

Sterling and Wilson Renewable is focused on delivering engineering, procurement and construction (EPC) and operations and maintenance (O&M) services to the solar industry. So far, it has executed more than 11 GW of projects globally. It operates in 24 countries.

Reliance New Energy Solar has already launched the open offer for the acquisition of a stake of 25.9% in SWREL from public shareholders.

(INR 100.0 = USD 1.345/EUR 1.187)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription