Reliance Industries shares reached BSE’s lifetime high of Rs 2,724 in a booming market after acquiring the two companies on Sunday as part of promoting clean energy. Reliance Industries will acquire a 40% stake in Sterling and Wilson and a 100% stake in REC Solar Holdings through its subsidiary Reliance New Energy Solar.
Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries, will first allocate 15% of Sterling & Wilson by preferentially allocating 2.93 chlore shares (equivalent to 15.46% after preferred stock capital) at Rs 375. To get Reliance New Energy Solar said in a regulatory filing on the stock exchange on Sunday that it would share shares by combining a primary investment, a secondary purchase and a tender offer of approximately 2,850 rupees.
RNESL will then announce to public shareholders that it will acquire up to 4.91 Chlore shares of Sterling & Wilson, which is equivalent to 25.9% of the company, in accordance with the SEBI Acquisition Rules.
Reliance New Energy Solar Ltd (RNESL) also announced that it has acquired a wholly owned stake in Norwegian-based solar panel maker REC Solar Holdings from China National Bluestar (Group) for $ 771. Headquartered in Norway, REC operates in Singapore and has regional hubs in North America, Europe, Australia and Asia Pacific.
In June, Reliance Industries’ Mukesh Ambani promised to spend $ 10 billion on alternative energy over a three-year period to convert conglomerates into cleaner fuels.
At 1:50 pm, Reliance Industries’ share price was trading at BSE at Rs 2,679, up 0.3%. Sensex and NSE Nifty were trading at record highs at the time, up 0.6%.