Sterling & Wilson promoters to sell 3

Sterling & Wilson promoters to sell 3.6% stake

By Siddhant Mishra

Sterling & Wilson Renewable Energy promoters Khurshed Daruvala and Shapoorji Pallonji will sell a total of 3.57% stake in the company via an offer for sale on December 20 and December 21, they said in separate filings to the exchanges.

Shapoorji Pallonji plans to sell 4.73 million shares of face value of Rs 1 each, representing a 2.50% stake, with the option to additionally sell 2.27 million shares, representing a 1.19% stake.

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The floor price of the OFS has been set at Rs 270 per share. According to exchange data, the promoters held 76.69% in the company as of the September quarter. The share sale is being conducted to bring the promoter holding below 75%, as regulatory norms demand.

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The OFS will take place on December 20 for non-retail investors and on December 21 for retail investors and non-retail ones who choose to carry forward their unallotted bids.

Sterling and Wilson closed down 1.87% at Rs 283.40 on the BSE. It had achieved a 52-week high of Rs 423.15 on January 17, but has slumped over 30% since. It commands a market capitalisation of Rs 5,376 crore.