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Reliance New Energy Solar makes open offer for Sterling and Wilson

Mukesh Ambani’s Reliance New Energy Solar has submitted an open offer to acquire a 25.9 per cent stake in Sterling and Wilson Solar at a 12 per cent discount from the current share price. New Energy Solar has made an offer of Rs 375 per share to acquire 4.91 crore shares of Sterling and Wilson Solar for over Rs 1,840 crore. 25.9 per cent equity stake in 4.91 crore shares or the entire public stake in Sterling and Wilson Solar Ltd. Apart from Reliance New Energy Solar Limited (RNESL), the other Reliance Group partners who will be acting in concert are Reliance Industries Limited and Reliance Ventures Limited, as per the draft letter of the open offer.

As per the filing, Reliance New Energy Solar Limited has issued “draft letter of offer for open offer for acquisition of 4,91,37,420 fully paid-up equity shares of face value of Re 1 which represents the entire public shareholding”. 25.90 per cent of the emerging voting capital of Sterling & Wilson Solar Ltd…” Shares to be acquired by Reliance New Energy Solar Ltd along with Reliance Industries Ltd (PAC1) and Reliance Ventures Ltd (PAC2) from public shareholders . On 10 October, the company announced that Reliance New Energy Solar had entered into definitive agreements with Shapoorji Pallonji and Company Pvt Ltd to acquire a 40 per cent stake post-money in Reliance New Energy Solar Ltd.

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