Shares of Reliance Industries touched a lifetime high of Rs 2,724 on the BSE. Reliance Industries, through its subsidiary Reliance New Energy Solar, will acquire a 40 per cent stake in Sterling & Wilson and a 100 per cent stake in REC Solar Holdings.
Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries, initially bought 2.93 crore shares (equivalent to 15.46 per cent preferred share capital) in Sterling & Wilson. Buy 15 percent for 375. Reliance New Energy Solar on Sunday filed a regulation with the stock market asking it to share about Rs 2,850 crore through primary investment, secondary acquisition and open offer.
RNESL will then issue a public notice to its public shareholders to acquire 4.91 crore shares of Sterling & Wilson shares.
Reliance New Energy Solar Limited (RNESL) has announced that it will buy a 100 per cent stake in Norwegian-based solar panel maker REC Solar Holdings from China National Bluestar (Group) for $ 771. Headquartered in Norway, REC has regional centers in Singapore and North America, Europe, Australia and the Asia-Pacific region.
In June, Mukesh Ambani of Reliance Industries spent $ 10 billion on alternative energy in three years, focusing on refining the federation.
Shares of Reliance Industries traded up 0.3 per cent at Rs 2,679 at 1:50 pm. At that time, the Sensex and NSE Nifty were up 0.6 percent, trading at a new record high.