Sterling and Wilson RE promoters to sell up to 10 mn share for Rs 270 cr

Sterling and Wilson Renewable Energy promoters Shapoorji Pallonji and Company and Khurshed Yazdi Daruvala will sell up to one crore equity shares through the offer for sale route at a floor price of Rs 270 per piece on Wednesday and Thursday.

Khurshed Yazdi Daruvala proposes to sell up to 30,00,000 equity shares representing 1.58 per cent of the total issued and paid-up Equity Share capital of the Company on December 20 and 21, 2022 at a floor price of Rs 270 per share, a BSE filing showed.

Shapoorji Pallonji and Company Private Ltd proposes to sell up to 70,00,000 Equity Shares representing 3.69 per cent of the total issued and paid-up equity share capital of the company on Wednesday and Thursday at Rs 270 per share.

The offer for sale is being undertaken to meet the minimum public shareholding norms. Promoters hold around 76.69 per cent stake in the company as of September 2022.

Shares of the company declined by 1.87 per cent to close at Rs 283.40 per piece on BSE on Monday.