Promoters Shapoorji Pallonji and Co and Khurshed Yazdi Daruvala plan to together sell 3.57% stake in Sterling and Wilson Renewable Energy through an offer for sale on Tuesday and Wednesday.
Shapoorji Pallonji proposes to sell 47,33,515 shares or 2.5% stake, and Daruvala will offer 20,28,649 shares or 1.1% in the company, they said in separate exchange filings.
Floor price for the sale of shares is Rs 270, a nearly 5% discount to the current market price. On Monday, the stock ended 1.8% down at Rs 283.50. The company is not offering any discount to retail investors.
The offer for sale will open for non-retail investors on Tuesday, and for retail investors on Wednesday.
As on September 30, the promoter and promoter group entities together held 76.69% stake in Sterling and Wilson, and the rest is held by the public.
As per norms, promoters’ stake in a company should not exceed 75%. The offer for sale is being done to meet the regulatory requirements.
This is the second offer for sale by the two promoters in 2022. In August, they had sold 1.87% stake in the company in the OFS, which received an overwhelming response.
The stock has not been a performer this year. Year-to-date, it has given negative returns of about 26%.
Source: Economic Times