Two promoters of Sterling & Wilson Renewable Energy Limited (formerly Sterling & Solar Limited), Khurshed Yazdi Daruvala and Shapoorji Palloniji on Monday announced to sell a part of their stake in company through Offer for Sale (OFS).
The two promoters will sell up to 5.27 percent of stake for which the floor price has been fixed at Rs 270 per piece. The OFS will take place on a separate window of the stock exchanges on Tuesday and Wednesday.
The Independent promoter Khurshed Yazdi Daruvala has proposed to sell up to 30,00,000 equity shares representing 1.58 percent of the total issued and paid-up equity share capital of the Company at a floor price of Rs 270 per share.
Another promoter Shapoorji Pallonji and Company Private Ltd has proposed to sell up to 70,00,000 equity shares representing 3.69 percent of the total issued and paid-up equity share capital of the company on Wednesday and Thursday, at a floor price of Rs 270 per share.
The Shares of the company declined for the third day in a row on Monday by 1.87 percent to close at Rs 283.40 per piece on BSE. The offer for sale is being undertaken to comply with the minimum public shareholding norms. Promoters hold around 76.69 percent stake in the company, of which, Reliance New Energy Ltd. held a 40 percent stake as of September 2022.
(Edited by : Anushka Sharma)