Mukesh Ambani’s Reliance New Energy Solar has submitted an open offer to acquire 25.9 percent stake in Sterling and Wilson Solar at a 12 percent discount to the current share price. The New Energy Solar has offered Rs 375 per share to acquire 4.91 crore shares of Sterling and Wilson Solar for over Rs 1,840 crore. The 4.91 crore shares constitute 25.9 percent equity stake or the entire public holding in Sterling and Wilson Solar Ltd. Apart from Reliance New Energy Solar Ltd (RNESL), the other Reliance Group companions which would be persons acting in concert are Reliance Industries Ltd and Reliance Ventures Ltd, according to the draft letter of open offer.
As per the filing, Reliance New Energy Solar Ltd has issued a "draft letter of offer for open offer for acquisition of up to 4,91,37,420 fully paid-up equity shares of face value of Rupee one each representing the entire public shareholding constituting 25.90 percent of the emerging Voting Capital of Sterling and Wilson Solar Ltd..." The shares will be acquired from the public shareholders by Reliance New Energy Solar Ltd together with Reliance Industries Ltd (PAC 1) and Reliance Ventures Ltd (PAC 2). On October 10, the company had announced that Reliance New Energy Solar had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd to acquire 40 percent stake post-money in Reliance New Energy Solar Ltd.