Two promoters of Sterling & Wilson Renewable Energy Limited (formerly Sterling & Solar Limited), Khurshed Yazdi Daruvala and Shapoorji Pallonji and Company Private Limited, announced on December 19 that they will sell part of their stake in the company through an offer for sale (OFS). The OFS will take place on a separate window of the stock exchanges on December 20 and 21.
The floor price for the OFS is set at Rs 270 per share.
The two promoters will collectively sell 5.7 percent stake in Sterling & Wilson.
Promoter Khurshed Yazdi Daruvala will sell up to 1.58 percent stake in the company. The base issue size of the OFS consists of 20,28,649 equity shares having a face value of Rs 1 each or 1.01 percent stake, with an option to retain over-subscription of 9,71,351 equity shares having a face value of Rs 1 each, representing 0.51 percent of the total issued and paid-up equity share capital of the company, the promoter said in a regulatory filing
Construction major Shapoorji Pallonji and Company Private Limited has proposed to offload up to 3.69 percent shares it holds in green energy company Sterling and Wilson Renewable Energy Limited. The base issue size of the OFS consists of 47,33,515 equity shares having a face value of Rs 1 each or 2.50 percent stake, with an option to retain over-subscription of 22,66,485 equity shares having a face value of Rs 1 each, representing 1.19 percent of the total issued and paid-up equity share capital of the company.
The brokers for the OFS on behalf of the seller are DAM Capital Advisors and Nuvama Wealth Management. DAM Capital Advisors is also acting as the settlement broker.
For the quarter ended September 2022, Sterling & Wilson reported a net loss at Rs. 55.31 crore, down 31.57% from Rs. 42.04 crore in September 2021. Its net sales were at Rs 213.98 crore in down 77.69% from Rs. 958.98 crore in September 2021.
The Promoters said they are not offering any discount to retail investors on cut-off price.
In September this year, Sterling and Wilson Renewable Energy's joint venture with Sun Africa signed a memorandum with the Nigerian government to develop power plants in five different locations of the country.
Shares of Sterling & Wilson settled at Rs 283.50 apiece on December 19, down 1.82 percent over the previous close on the BSE. During the day, the scrip touched a high of Rs 290.20.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
