Reliance launches US$245m public offer for 25.9% shares in Sterling & Wilson Solar

Date November 08, 2021
Type M&A Transactions
Subtype Transaction agreement announced
Countries India
Subsectors Photovoltaic
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Reliance New Energy Solar Ltd, the new energy arm of Reliance Industries Ltd, has offered INR375 (US$5) per share to acquire up to 4.91 crore shares of Indian multinational EPC player Sterling and Wilson Solar for over INR1,840 crore (US$24.7).

The open offer is made for the acquisition of 4,91,37,420 shares, which represent the entire public shareholding constituting a 25.9% equity stake in Sterling and Wilson Solar Ltd.

The open offer from Reliance New Energy Solar follows its earlier announcement to acquire a 40% stake in Sterling and Wilson Solar Ltd through a combination of preferential allotment, share sale by the Shapoorji Pallonji and Company Private Limited (one of the current promoters of Sterling and Wilson Solar), and an open offer.

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