Shapoorji Pallonji sells 1.84 cr shares of SWREL to Reliance

Shapoorji Pallonji and Firm on Thursday mentioned it has bought 1.84 crore shares of Sterling And Wilson Renewable Vitality (SWREL) to Reliance New Vitality Photo voltaic after which its stake in SWREL has come right down to 33.06 per cent.

Earlier, Shapoorji’s stake in SWREL was 42.76 per cent.

“Shapoorji Pallonji and Firm Personal Restricted has bought 1,84,00,000 shares of the corporate to Reliance New Vitality Photo voltaic Restricted (RNESL) on January 6, 2021 via an off market switch,” a regulatory submitting mentioned.

As per the submitting, the variety of shares held by Shapoorji in SWREL has decreased from 8,11,10,790 (42.76 per cent stake ) to six,27,10,790 (33.06 per cent stake).

Earlier this week, SWREL had knowledgeable exchanges that Reliance has turn into its promoter and holds over 40 per cent stake in it. RNESL grew to become SWREL promoter submit fee of stability Rs 1,583 crore for acquisition of 25.90 per cent stake in it. The transaction was achieved on December 30, 2021.

With this transaction, RNESL and different group corporations collectively maintain over 40 per cent stake in SWREL.

Earlier, RNESL (acquirer), Reliance Industries Ltd and Reliance Ventures Ltd had made preliminary fee of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per cent stake in SWREL.

In October final 12 months, RNESL had executed definitive agreements with Shapoorji Pallonji, Khurshed Daruvala, and Sterling & Wilson Photo voltaic Ltd (SWSL) to accumulate 40 per cent stake post-money in SWSL via a collection of transactions.

SWSL is now often known as Sterling and Wilson Renewable Vitality Ltd (SWREL).

In December 2021, SWREL had additionally authorized the allotment of two.93 crore fairness shares for Rs 1,099 crore to RNESL.

Publish this transaction, RNESL held 15.46 per cent paid-up fairness share capital of SWREL.

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