Shares of Sterling and Wilson rose more than 8% in a firm market on the news that Reliance Industries will buy a 40 per cent stake in the company through its subsidiary Reliance New Energy Solar as part of its expansion plan in the global green energy markets. At 12:55 pm, Sterling and Wilson shares rose 7.81 per cent to Rs. Traded for 467.
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 for Rs. Buy 15 percent for 375. Reliance New Energy has filed a regulation with the Solar Stock Exchange seeking a share of about Rs 2,850 crore through primary investment, secondary acquisition and open offer.
A few hours ago, Reliance New Energy Solar Limited (RNESL) announced the acquisition of Norwegian-based solar panel maker REC Solar Holdings from China National Bluestar (Group) for $ 771 million.
In June, Mukesh Ambani of Reliance Industries spent $ 10 billion over three years on alternative energy, focusing on refining the federation. Reliance Industries currently derives almost 60 per cent of its annual revenue from its oil-related business.
Sterling & Wilson has a presence in 24 countries and has installed 11 gigawatts of solar power projects, Reliance said in a separate statement.
Meanwhile, shares of Reliance Industries touched a lifetime high of Rs 2,724 in intra-day trade on news growth.
The BSE Sensex and NSE Nifty traded up 0.6 percent at new record highs during the period.