Shapoorji Pallonji and Khurshed Daruvala Divest 7.14% Stake in Sterling And Wilson Renewable Energy

Shapoorji Pallonji and Company, along with promoter Khurshed Yazdi Daruvala, sold a combined 7.14% stake in Sterling And Wilson Renewable Energy via open market transactions, raising Rs 1,040 crore. Their shareholdings fell to 6.95% and 0.13%, respectively. Major buyers included Morgan Stanley, Societe Generale, and Citigroup Global Markets Mauritius.

In a significant market move, Shapoorji Pallonji and Company, along with Khurshed Yazdi Daruvala, announced the divestment of a 7.14 per cent stake in Sterling And Wilson Renewable Energy (SWSOLAR) for Rs 1,040 crore through open market transactions on Friday.

NSE bulk deal data revealed that Shapoorji Pallonji and Company Pvt Ltd offloaded 1.35 crore shares, which translated to a 5.78 per cent stake in SWSOLAR. Additionally, Khurshed Yazdi Daruvala sold 31.50 lakh shares, or a 1.35 per cent holding in the renewable energy firm.

The share sale, conducted within a price range of Rs 623.28 to Rs 630.01 per share, led to a combined transaction value of Rs 1,039.88 crore. Subsequently, Shapoorji Pallonji's stake in SWSOLAR declined from 12.73 per cent to 6.95 per cent, while Daruvala's holding decreased from 1.48 per cent to 0.13 per cent. Meanwhile, the total promoter and promoter group shareholding dropped from 52.91 per cent to 45.77 per cent. Notably, Morgan Stanley, Societe Generale, and Citigroup Global Markets Mauritius collectively acquired 66 lakh shares at an average price of Rs 623 apiece, accumulating a total value of Rs 411.18 crore.

(With inputs from agencies.)