Sterling Wilson Renewable Energy promoters sell 7.14% stake for Rs 1,040 cr

Shapoorji Pallonji and Company and Khurshed Yazdi Daruvala, promoters of Sterling And Wilson Renewable Energy, on Friday divested a 7.14 per cent stake in the company for Rs 1,040 crore via open market transactions.

According to the bulk deal data available with the NSE, Shapoorji Pallonji and Company Pvt Ltd offloaded 1.35 crore shares, amounting to a 5.78 per cent stake in Sterling And Wilson Renewable Energy (SWSOLAR).

In addition, Khurshed Yazdi Daruvala sold 31.50 lakh shares or 1.35 per cent holding in solar EPC solutions provider Sterling And Wilson Renewable Energy.

The shares were disposed of in the price range varying from Rs 623.28-630.01 apiece, taking the combined transaction value to Rs 1,039.88 crore.

After the stake sale, Shapoorji Pallonji and Company's shareholding in SWSOLAR has declined to 6.95 per cent from 12.73 per cent, while Daruvala's stake has come down to 0.13 per cent from 1.48 per cent.

Also, the combined shareholding of promoter and promoter group has reduced to 45.77 per cent from 52.91 per cent.

Meanwhile, Morgan Stanley, Societe Generale and Citigroup Global Markets Mauritius acquired 66 lakh shares or 2.83 per cent in SWSOLAR, the data showed with the National Stock Exchange (NSE).

The shares were purchased at an average price of Rs 623 apiece, taking the aggregate value to Rs 411.18 crore.

Details of the other buyers of Sterling And Wilson Renewable Energy's shares could not be ascertained.

Shares of Sterling And Wilson Renewable Energy settled 1.63 per cent higher at Rs 652.90 apiece on the NSE.