NEW DELHI: Sterling and Wilson Renewable Energy Ltd (SWREL) on Monday informed that Reliance New Energy Solar Ltd (RNESL) has become its promoter after it paid a balance of Rs 1,583 crore for acquisition of 25.90% equity in it. With this transaction, RNESL and other group firms together hold over 40% stake in SWREL.
This October RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala, and Sterling & Wilson Solar Ltd (SWSL) to acquire 40% stake. Recently, the Competition Commission of India (CCI) has also cleared the deal.
“Consequent to the allotment of the subscription shares and in accordance with the terms of the SSA and the SEBI (SAST) regulations, the acquirer (RNESL) has been classified as a promoter of the target company (SWREL) along with the existing promoter and promoter group of the target company with effect from December 30, 2021,” said SWREL in the statement.