Reliance Industries has issued a clarification on reports of the Rs 750 crore grant to Sterling Wilson Private Ltd, an unlisted company of Shapoorji Pallonji group. It said that no disclosure was needed, and therefore no disclosure was made.
Reliance Industries Limited RIL, a non-banking financial company registered with RBI, said that the grant of the loans described in the media report by Reliance Ventures Limited RVL did not require disclosure under Regulation 30 of the LODR and therefore no disclosure was made by Reliance Industries Limited RIL under the LODR.
According to reports provided 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 an interest of 10.5 per cent.
On October 10, 2021, the BSE filing stated that Reliance New Energy Solar entered into a definitive agreement to acquire 40 per cent of Sterling and Wilson Renewable Energy Limited SWREL In the ordinary course of business, RVL enters into facility agreements with SWPL on October 10,2021 to extend secured loans of Rs 750 crore to SWPL.
After the completion of the agreements, RNEL made an open offer to the SWREL public shareholders to acquire the whole public shareholding, which constitutes 25.90 per cent of the post preferential equity share capital of SWREL.
After 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 theSEBI and stock exchanges.