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Shapoorji Pallonji to Offload 1.25 % Stake in Sterling and Wilson Renewable Energy

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Construction firm Shapoorji Pallonji and Company Private Limited has proposed to offload the 1.25 per cent shares it holds in green energy company Sterling and Wilson Renewable Energy Ltd (SWREL).

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In a regulatory filing on Thursday, SWREL said, “Shapoorji Pallonji and Company Private Limited is one of promoters. The seller proposes to sell up to 23,70,787 equity shares having a face value of Re 1 each, representing 1.25 per cent of the total issued and paid-up equity share capital of the company.” The Offer For Sale (OFS) shall take place on a separate window of the stock exchanges on August 12.

Earlier SWREL had said that Reliance New Energy Solar Ltd (RNESL) has become its promoter post payment of balance Rs 1,583 crore for acquisition of 25.90 per cent equity in it. With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL.

RNESL, RIL and Reliance Ventures Ltd (RVL) had made initial payment of Rs 259 crore for acquisition of 4.91 crore shares or 25.90 per equity stake in the SWREL, showed a BSE filing.

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