RIL to buy 40% stake in Sterling & Wilson Solar for Rs 2,850 crore

Inside hrs of asserting acquisition of REC Photo voltaic Holdings for $771 million, Reliance Industries declared on Sunday that its subsidiary will receive a forty for every cent stake in Sterling & Wilson Photo voltaic Ltd as a result of a mix of main financial investment, secondary invest in and open provide for all over Rs 2,850 crore.

Reliance New Vitality Photo voltaic Ltd (RNESL), a subsidiary of Reliance Industries, will first receive fifteen for every cent in Sterling & Wilson by way of a preferential allotment of 29.3 million equity shares (equivalent to fifteen.46 for every cent put up preferential share cash) at Rs 375 for every share. RIL will also receive 18.4 million equity shares by RNESL from SP group company (equivalent to 9.7 for every cent put up preferential share cash) at a rate of Rs 375 for every share. This will cost RIL about Rs one,a

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