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Reliance Industries Hits Lifetime High on Clean Energy Acquisition

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At 1:50 pm, Reliance Industries shares were trading 0.3 per cent higher on the BSE

Shares of Reliance Industries touched an all-time high of Rs 2,724 on the BSE in a strong market after the company on Sunday acquired two companies to push for clean energy. Reliance Industries will acquire 40 per cent stake in Sterling & Wilson and 100 per cent stake in REC Solar Holdings through its subsidiary Reliance New Energy Solar.

Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries, first to acquire 15 per cent in Sterling & Wilson through preferential allotment of 2.93 crore shares (equivalent to 15.46 per cent after preferential share capital) at Rs 375 per share. Will do Reliance New Energy Solar said in a regulatory filing to the stock exchanges on Sunday, shares through a combination of primary investment, secondary purchase and an open offer of around Rs 2,850 crore.

Thereafter, RNESL will make a public announcement to the public shareholders to acquire 4.91 crore equity shares of Sterling & Wilson, representing 25.9 per cent of the company, as per SEBI takeover rules.

Reliance New Energy Solar Limited (RNESL) has also announced the acquisition of a 100 percent stake in Norwegian-headquartered solar panel maker REC Solar Holdings from China National Bluestar (Group) for $771. Headquartered in Norway, REC has operations in Singapore and regional centers in North America, Europe, Australia and the Asia-Pacific.

In June, Reliance Industries’ Mukesh Ambani pledged to spend $10 billion on alternative energy over three years to propel the conglomerate towards cleaner fuels.

Shares of Reliance Industries were trading 0.3 per cent higher at Rs 2,679 on the BSE at 1:50 pm. At that time the Sensex and NSE Nifty were trading at a fresh record high of 0.6 per cent.

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