星期一, 11月 29, 2021
Home PV Companies Reliance Makes Open Offer for a 25.9% Public Shareholding in Sterling and...

Reliance Makes Open Offer for a 25.9% Public Shareholding in Sterling and Wilson Solar

The offer is a part of Reliance’s agreement to acquire a 40% stake in Sterling and Wilson Solar

Source:MERCOM

Reliance New Energy Solar, the green energy arm of Reliance Industries Limited (RIL), has offered ?375 (~$5)/share to acquire 49.14 million equity shares of?Sterling and Wilson Solar?for around ?18.42 billion (~$245.58 million).
Sterling and Wilson Solar is a Mumbai-based solar engineering, procurement, and construction company and has a presence across 24 countries.
The 49.14 million shares account for a 25.9% equity stake or the entire public shareholding of Sterling and Wilson Solar.
According to the draft letter of the open offer, Reliance Industries and Reliance Ventures Limited will be persons acting in concert (PAC) in addition to Reliance New Energy Solar.
The open offer is a part of Reliance New Energy Solar’s agreement with Shapoorji Pallonji and Company Private Limited to?acquire?a 40% stake in Sterling and Wilson Solar. According to the agreement, Reliance New Energy Solar is expected to acquire the stake through a combination of primary investment, a secondary purchase, and an open offer.
To acquire the 40% stake, 29.3 million equity shares were allotted to Reliance New Energy Solar at ?375 (~$4.99) per share, equal to 15.46% post preferential share capital. In addition, Reliance New Energy Solar will be acquiring 18.4 million equity shares for ?375(~$5)/share, accounting for 9.70% of post preferential share capital.
With this open offer, Reliance New Energy Solar will acquire a 40% stake in Sterling and Wilson Solar for ?36.32 billion (~$483.97 million).
The stake acquisition in Sterling & Wilson Solar came close on the heels of Reliance’s?acquisition?of REC Solar Holdings from China National Bluestar Group for $771 million.
Reliance New Energy Solar has also?invested?€25 million (~$29 million) in a Germany-based solar wafer manufacturer, NexWafe GmbH. The company was a strategic lead investor for NexWafe’s €39 million (~$45 million) Series C financing round.
In June 2021, Mukesh Ambani?announced?that Reliance Industries would invest ?750 billion (~$10 billion) to build an integrated solar PV factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Gujarat’s Jamnagar.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

CSI Solar signs strategic partnership agreement to focus on renewables and battery energy storage

Canadian Solar subsidiary CSI Solar has signed a strategic cooperation framework agreement with Contemporary Amperex Technology Co. Ltd. (CATL) that will focus on energy...

New German coalition sets enhanced energy goals, doubles solar PV target to 200GW by 2030

Germany’s new three-way coalition government of the SDP, Green and FDP parties have set guidelines for future energy policy in the country which include...

European Commission approves US$2.5bn Greek policy to support 4.2GW of renewables

The European Commission (EC) has approved a €2.27 billion (US$2.56 billion) Greek scheme to support 4.2GW of installed renewables capacity after assessing it in...

R.Power launches US$226m tendering programme as Polish PV portfolio proceeds

Polish solar developer R.Power is tendering for PV modules, structures and other components worth nearly €200 million (US$231 million) as it seeks to build...