Sterling and Wilson Renewable Energy Ltd (SWREL) on Monday said that Reliance New Energy Solar Ltd (RNESL) has become its promoter post payment of balance Rs 1,583 crore for acquisition of 25.90 per cent equity in it. With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL.
Earlier RNESL (acquirer), Reliance Industries Ltd (RIL NSE 0.94 %) and Reliance Ventures Ltd (RVL) had made initial payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per equity stake in the SWREL, showed a BSE filing.
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)
