SWSL seeks shareholders' nod to issue equity shares to Reliance New Energy Solar

Sterling and Wilson Solar Ltd (SWSL) will seek shareholders' approval for issuing equity shares on a preferential basis to a Reliance Industries' arm Reliance New Energy Solar Ltd (RNESL) in its extraordinary general meeting (EGM) on November 2, 2021.

A special resolution ''to create, offer, issue, and allot equity shares on a private placement/ preferential basis to Reliance New Energy Solar Limited'' is listed on the EGM scheduled on November 2, 2021, a regulatory filing showed.

Earlier on Sunday, October 10, 2021, the company had announced that RNESL had executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala, and Sterling, and SWSL to acquire a 40 percent stake post-money in SWSL through a series of transactions.

These transactions include preferential allotment of 2.93 crore equity shares (equivalent to 15.46 percent post preferential share capital) at Rs 375 per share; acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70 percent post preferential share capital) at Rs 375 per share and Public Announcement by RNESL to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9 percent.

The company had said that the RNESL will hold 40 percent of the equity capital of SWSL, consequent to acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and sell down if any required.

SWSL, a Shapoorji Pallonji Group company, is a global pure-play, end-to-end solar engineering, procurement, construction (EPC) solutions provider.

It provides EPC services primarily for utility-scale solar power projects, with a focus on project design and engineering, and manages all aspects of project execution from conceptualization to commissioning.

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