Other Private Equity/Strategic Investments
RIL to buy 40% stake in Sterling & Wilson Solar for Rs. 2,850-Cr
Reliance Industries Ltd (RIL) is to acquire a 40% stake in fellow Mumbai-based, publicly listed Sterling & Wilson Solar Ltd (SWSL). The deal structuring includes: Shapoorji Pallonji and Company Pvt Ltd (SPCPL), Khurshed Daruvala and a) A preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at a price of INR 375 per share to Reliance; b) Acquisition of 1.84 crore equity shares by Reliance from Shapoorji Pallonji and Company Pvt Ltd (SPCPL) - equivalent to 9.70% post preferential share capital - at a price of INR 375 per share; c) Open offer to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing an almost 26% stake. Khurshed Daruvala will continue to be Chairman of the Board for SWSL. AZB & Partners and K Law acted as legal advisors, Ernst and Young as the accounting and tax diligence advisor and Edelweiss as the financial advisor to Reliance. DAM Capital acted as financial advisor and Desai & Diwanji acted as legal advisor to SWSL and the selling shareholders. SWSL has 11-plus GW of solar turnkey projects executed globally and has a 3,000 strong team and presence across 24 countries. It provides a comprehensive range of solar energy turnkey solutions including design, procurement, construction, project management and operations and management.
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