Shapoorji Pallonji and Company on Thursday said it has sold 1.84 crore shares of Sterling And Wilson Renewable Energy (SWREL) to Reliance New Energy Solar after which its stake in SWREL has come down to 33.06 per cent.
Earlier, Shapoorji’s stake in SWREL was 42.76 per cent.
“Shapoorji Pallonji and Company Private Limited has sold 1,84,00,000 shares of the company to Reliance New Energy Solar Limited (RNESL) on January 6, 2021 through an off market transfer,” a regulatory filing said.
As per the filing, the number of shares held by Shapoorji in SWREL has reduced from 8,11,10,790 (42.76 per cent stake ) to 6,27,10,790 (33.06 per cent stake).
Earlier this week, SWREL had informed exchanges that Reliance has become its promoter and holds over 40 per cent stake in it. RNESL became SWREL promoter post payment of balance Rs 1,583 crore for acquisition of 25.90 per cent stake in it. The transaction was done on December 30, 2021.
With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL.
Earlier, RNESL (acquirer), Reliance Industries Ltd and Reliance Ventures Ltd had made initial payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per cent stake in SWREL.
In October last year, RNESL had executed definitive agreements with Shapoorji Pallonji, Khurshed Daruvala, and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 per cent stake post-money in SWSL through a series of transactions.
SWSL is now known as Sterling and Wilson Renewable Energy Ltd (SWREL).
In December 2021, SWREL had also approved the allotment of 2.93 crore equity shares for Rs 1,099 crore to RNESL.
After this transaction, RNESL held 15.46 per cent paid-up equity share capital of SWREL.