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Sterling and Wilson rise over 8% as Reliance Industries, through its subsidiary Reliance New Energy Solar, buys stake

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At 12:55 pm, the shares of Sterling & Wilson were trading with a gain of 7.81 percent on the BSE.

Shares of Sterling & Wilson rose more than 8 percent in the AA firm market on news that Reliance Industries, through its subsidiary Reliance New Energy Solar, as part of its expansion plans into green energy markets globally. Will acquire 40 percent stake in the company. At 12:55 pm, the shares of Sterling and Wilson were trading 7.81 per cent higher at Rs 467 on the BSE.

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 stock exchanges, shares through a combination of primary investment, secondary purchase and open offer of about Rs 2,850 crore.

A few hours ago, Reliance New Energy Solar Limited (RNESL) announced the acquisition of Norwegian-headquartered solar panel maker REC Solar Holdings from China’s National Bluestar (Group) for $771 million.

In June, Reliance Industries’ Mukesh Ambani pledged to spend $10 billion on alternative energy over three years to propel the conglomerate towards cleaner fuels. Reliance Industries currently derives about 60 per cent of its annual revenue from its oil-related business.

Reliance said in a separate statement that Sterling & Wilson has a presence in 24 countries and has installed 11 gigawatts of solar power projects.

Meanwhile, shares of Reliance Industries touched a lifetime high of Rs 2,724 in intra-day trading on the back of news development.

The BSE Sensex and NSE Nifty were trading at a fresh record high of 0.6 per cent at that time.

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