Sterling and Wilson Renewable share price dips 4% as Shapoorji Pallonji plans to offload stake

Shares of Sterling and Wilson Renewable Energy fell 4 per cent in morning trade on Friday after Shapoorji Pallonji proposed to offload a 1.25 pc stake in the green power company.

Sterling and Wilson Renewable Energy opened on a muted note at Rs 280 and then slipped further to Rs 276.75, registering a fall of 4.10 per cent over its previous close on the BSE.

On NSE, the stock opened at Rs 281.30, then fell to Rs 278.70, down 3.56 per cent.

In a regulatory filing on Thursday, Sterling and Wilson Renewable Energy said Shapoorji Pallonji and Company Private Limited has proposed 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 for non-retail investors.

The floor price of the offer shall be Rs 270 per equity share of the company, it noted.