Sterling and Wilson Shares Surge 5% as Promoters Trim Stake; Raises Rs 1,500 Crore Through QIP

18 Dec 2023 , 02:09 PM

Sterling and Wilson Renewable Energy shares surged by 5% after a 2.06% stake sale by promoter Shapoorji Pallonji and Company. At the time of writing, the stock was trading at Rs 432.40.

On December 15, Shapoorji Pallonji sold 39,14,279 equity shares at Rs 415.46/share, reducing their stake. Simultaneously, Plutus Wealth Management LLP acquired 25 lakh shares (1.3% stake) at Rs 410/share.

Promoter holding, as of September 2023, was 67.56%, with Shapoorji Pallonji at 18.3%, now reduced to around 16.24%. On December 14, the company completed a Rs 1,500 crore fundraising through the QIP route.

The Securities Issuance Committee approved the issue and allotment of 4,32,27,665 equity shares at Rs 347/share, including a premium of Rs 346.

Sterling and Wilson Renewable Energy is an engineering, procurement, and construction (EPC) solutions provider.

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