Mukesh Ambani’s Reliance New Energy Solar has submitted an open offer to acquire 25.9% stake in Sterling and Wilson Solar at a 12% discount to the current share price.
Mukesh Ambani’s Reliance New Energy Solar has submitted an open offer to acquire 25.9% stake in Sterling and Wilson Solar at a 12% discount to the current share price. The energy venture of Reliance Industries Limited (RIL) has offered Rs 375 per share of Sterling and Wilson Solar, a draft offer letter showed. The open offer will see Mukesh Ambani firm shell out Rs 1,840 crore for a 25.9% stake in the company. Earlier this week, Reliance New Energy Solar had informed the bourses that it will acquire NexWafe GmbH for 25 million euros (Rs 218 crore). Sterling and Wilson Solar share price was trading flat with a positive bias at Rs 421 apiece today.
The Reliance Group firm submitted its draft letter of offer yesterday, according to a filing with the stock exchanges. Reliance Industries Limited and Reliance Ventures are the companies acting in concert for the offer. According to the regulatory filing, Reliance New Energy Solar will acquire shares of Sterling and Wilson Solar from the public shareholders of the company.
Reliance New Energy Solar’s open offer is in line with SEBI guidelines, where a mandatory offer is made pursuant to the execution of the SSA and SPA. Reliance New Energy had acquired 15.46% of the Emerging Voting Capital by way of a preferential issue on a private placement basis earlier this month.
The new energy venture of Mukesh Ambani’s Reliance Industries has been on a shopping spree this month, acquiring German maker of photovoltaic solar wafers and signing a deal with a Danish firm to manufacture hydrogen electrolysers. The deals come as Mukesh Ambani builds his new energy business and moves closer to setting up the four proposed Giga factories in the coming years.