New Delhi: Sterling and Wilson Renewable Energy Ltd.
(Swrel) on Monday said that Reliance New Energy Solar Ltd (RNESL) has been the promoter of Payment of Rs 1,583 Crore balances for the acquisition of 25.90 percent equity in it.
With this transaction, Rnesl and other group companies together accommodate more than 40 percent of shares in Swear.
Previous Rnesl (Acquirer), Reliance Industries Ltd.
(RIL) and Reliance Ventures Ltd (RVL) has made initial payments of Rs 259 Crore for acquisition of 4.91 crore shares or 25.90 per share equity in Swrel, showing BSE archiving.
The consequences of subscribing shares and in accordance with the provisions of the SSA regulations and SEBI (SEST), the acquisition (RNESL) has been classified as the promoter of the target company (Swrel) along with promoters and promoters that have a target company group with the effect of December 30, 2021, he said.
On December 30, 2021, this acquirer saved an additional more than RS 1,583 Crore on an Escrow Cash account, opened by the acquirer, which along with the initial cash deposit of Rs 259.26 Crore, made by the acquirer, “equivalent to 100 percent.
From the offer of consideration paid under an open offer, assuming full receipt of open offers “, he said.
Furthermore, the target company, after receipt of shareholder approval on November 2, 2021, fulfilling other conditions precedents under the SSA and in accordance with the target company’s association, issued and flowed to the subscription shares to the Acquirer on December 30, 2021.
Earlier in October this year , Rnesl has implemented a definitive agreement with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala, and Sterling & Wilson Solar Ltd (SWSL) to obtain 40 percent pegs.
In the SWSL through a series transaction.
Sterling & Wilson Solar Ltd.
is now known as Sterling and Wilson renewable energy.
Last week, Swrel also approved the allotment of 2.93 crore equity shares for RS 1,099 Crore to rely on energy energy ltd.
Posting this transaction, Rnesl held 15.46 percent of the issuance of Swrel’s equity equity stock.
“The company’s board of directors at his meeting was held on December 30, 2021 approved a quota of 2.93.33 333 shares of equity value of one Rupee value of each fully deposited in the form of dematarization with cash considerations, to Rnes at RS 375 per share equity together 1,099.99 crore, “said the submission of regulations.