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Shapoorji Pallonji Sells Green Energy System's 1.84 Crore Shares To Reliance

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Shapoorji Pallonji has actually offered 1.84 crore shares of Sterling And Wilson Renewable Energy to RelianceNew Delhi: Shapoorji Pallonji and Company on Thursday stated it has actually sold 1.84 crore shares of Sterling And Wilson Renewable Energy (SWREL) to Reliance New Energy Solar after which its stake in SWREL has boiled down to 33.06 per cent.Earlier, Shapoorji's stake in SWREL was 42.76 per cent.

Shapoorji Pallonji and Company Private Limited has actually offered 1,84,00,000 shares of the business to Reliance New Energy Solar Limited (RNESL) on January 6, 2021 through an off market transfer, a regulative filing said.As per the filing, the variety of shares held by Shapoorji in SWREL has actually decreased from 8,11,10,790 (42.76 per cent stake) to 6,27,10,790 (33.06 percent stake).

Previously this week, SWREL had notified exchanges that Reliance has actually become its promoter and holds over 40 percent stake in it.

RNESL became SWREL promoter post payment of balance Rs 1,583 crore for acquisition of 25.90 percent stake in it.

The deal was done on December 30, 2021.

With this transaction, RNESL and other group companies together hold over 40 percent stake in SWREL.Earlier, RNESL (acquirer), Reliance Industries Ltd and Reliance Ventures Ltd had made preliminary payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per cent stake in SWREL.In October in 2015, RNESL had performed definitive agreements with Shapoorji Pallonji, Khurshed Daruvala, and Sterling - & Wilson Solar Ltd (SWSL) to get 40 per cent stake post-money in SWSL through a series of transactions.SWSL is now called Sterling and Wilson Renewable Energy Ltd (SWREL).

In December 2021, SWREL had actually also approved the allotment of 2.93 crore equity shares for Rs 1,099 crore to RNESL.After this transaction, RNESL held 15.46 per cent paid-up equity share capital of SWREL.




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