Sterling and Wilson Board Approves 2.93 Cr Share Allotment to Reliance New Energy Solar

Sterling and Wilson Renewable Energy Ltd’s, formerly known as Sterling and Wilson Solar Ltd, Board has approved the allotment of 2.93 crore equity shares to Reliance New Energy Solar Ltd (RNESL).

The company in a statement said that, “the Board of Directors of the company at its meeting held on December 30, 2021 has approved the allotment of 2,93,33,333 equity shares of face value Rs 1 each fully paid-up in a dematerialized form by way of preferential allotment for cash consideration, to RNESL at a price of Rs 375 per equity share (including premium of Rs 374 each) aggregating to Rs 1,099,99,99,875.”

Post such Allotment, RNESL holds 15.46 per cent of the total paid-up equity share capital of the company.  

Consequent to the Allotment, the subscribed and paid-up equity share capital of the company stands increased from 16,03,60,000 to 18,96,93,333 equity shares of face value of Rs 1/- each.

Further, RNESL will, on consummation of the transaction under the Share Subscription Agreement executed between the company, RNESL, Shapoorji Pallonji and Company Pvt Ltd and Khurshed Daruvala, become a promoter of the company along with the existing promoters and promoter group of the company in accordance with SEBI regulations.