Reliance Industries on Monday issued a clarification on reports of the Rs 750 crore grant loan to Sterling & Wilson Private Ltd, an unlisted company of Shapoorji Pallonji group. It added that no disclosure was needed, and hence none were made.
“The grant of the loans described in the media report by Reliance Ventures Limited (RVL), a non-banking financial company registered with RBI, to Sterling and Wilson Private Limited (SWPL) did not require any disclosure under Regulation 30 of LODR and therefore no disclosure was made by Reliance Industries Limited (RIL) under the LODR,” stated Reliance in a BSE filing.
As per reports that quoted documents furnished by the company to the registrar of companies, Reliance Venture’s loan will be given in two tranches of Rs 410 crore and Rs 340 crore. The two-year loan has been granted with an interest of 10.5 per cent.
The BSE filing further stated that Reliance New Energy Solar entered into a definitive agreement on October 10, 2021 to acquire 40 per cent stake in Sterling and Wilson Renewable Energy Limited (SWREL). It said that in the ordinary course of business, RVL entere into facility agreements with SWPL on October 10,2021 to extend secured loans of Rs 750 crore to SWPL.
After the execution of the agreements, RNEL made an open offer to the SWREL public shareholders to acquire the entire public shareholding constituting 25.90 per cent of the post preferential equity share capital of SWREL.
Once the conditions were satisfied, RVL extended the loans to SWPL on January 7. It added that all required documents are available on the websites of SEBI and stock exchanges.
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