Tag: Sterling and Wilson

Reliance New Energy Solar Ltd. acquisitions and stake purchases

Reliance New Energy Solar Ltd. (RNESL) , a wholly owned subsidiary of Reliance Industries Ltd. has to acquire a British battery enterprise Faradion Limited. Faradion Ltd. manufactures sodium ion batteries. 

For this acquisition, RNESL is going to pay 100 Million Pounds as purchase consideration to Faradion Ltd. Faradion Ltd. is one of the leading global battery manufacturer. Its sodium ion battery technology is patented. RNESL will use this technology at the proposed Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India. 

In another development, RNESL will get 2.93 Cr shares of Sterling and Wilson at Rs. 375 apiece, amounting to a total of Rs. 1099 Cr. With this acquisition, RNESL’s stake in Sterling & Wilson raises to 5.46 percent of the total paid-up equity share capital of the latter. 

Amid positive trade across the index, RIL is also trading in green. 

Pre-Market Information-Reliance New Energy to acquire 100% stake in Faradion for GBP 100 Million

Global markets have a muted start. The US markets ended in red. SGX Nifty is also in red. But the gap down is milder one.

There are several stocks in focus. Reliance Industries’s Subsidiary Reliance New Energy Solar is to acquire. Faradion for 100 Million pounds. In another development, Sterling and Wilson Renewable Energy approved the allotment of 2.93 Cr shares to Reliance New Energy Solar. 

IDFC, IDFC First Bank gave their “in-principle” approval to merger, along with IDFC Financial Holding Co.

SBI buys 9.95% stake in IFSC ltd.