Shapoorji Pallonji offloads 2.5% stake in Sterling and Wilson via OFS

Sterling and Wilson Share Price: Shapoorji Pallonji and Company Pvt Ltd, one of the promoters of Sterling and Wilson, is selling 2.5 per cent stake or 47,33,515 equity shares with a face value of Rs 1 each through Offer for sale (OFS). The OFS for non-retail category opened today. The window for retail investors will open on December 21. Ten per cent of the offer has been reserved for retail category.

Shapoorji Pallonji had on Monday through an exchange filing informed that it will sell 2.5 per cent stakes in solar engineering, procurement and construction (EPC) contractor -- Sterling and Wilson.  

“The Seller, Shapoorji Pallonji and Company Private Limited proposes to sell up to 47,33,515 Equity Shares having a face value of I each, representing 2.50% of the total issued and paid-up Equity Share capital of the Company ("Base Offer Size"), on December 20, 2022 ("T Day")(for non-Retail Investors only),” the filing read.

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“On December 21, 2022 ("T+1 Day") (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids) with an option to additionally sell up to 22,66,485 Equity Shares having a face value of each, representing 1.19% of the total issued and paid-up Equity Share capital of the Company,” it added.

The company has also proposed to exercise Oversubscription Option.

“In the event that the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will represent 3.69% of the total issued and paid-up equity share capital of the Company, i.e. up to 70,00,000 Equity Shares representing 3.69% of the total issued and paid-up Equity Share capital of the Company, and will collectively, hereinafter be referred to as "Offer Shares",” the filing read. 

Meanwhile, the shares of Sterling and Wilson Renewable energy quoted Rs 277.15 apiece which was 2.24 per cent down on NSE. On BSE, the scrip traded Rs 277.45 apiece. 

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