Reliance Industries agrees to buy up to 40% of Sterling and Wilson Solar

The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave/Files

NEW DELHI (Reuters) -Indian conglomerate Reliance Industries Ltd has agreed to buy up to a 40% stake in Sterling and Wilson Solar Ltd through its unit Reliance New Energy Solar Ltd, the companies said in separate statements on Sunday.

Sterling and Wilson said on Sunday it had agreed to sell a 15.46% stake in the company to RNESL for 10.99 billion rupees ($146.3 million) by issuing new shares.

Reliance said Shapoorji Pallonji and Co. Pvt. Ltd, one of the promoters of Sterling and Wilson, will also sell 18.4 million shares, representing about 9.7% of the company’s post preferential share capital, to RNESL at a price of 375 per share.

The Reliance group will make an open offer to acquire a further 25.9% stake in accordance with Indian market regulations, Reliance said.

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