Shapoorji Pallonji and Company Pvt Ltd, one of the promoters of Sterling and Wilson, is selling a 2.5% stake or 47,33,515 shares at face value of Rs 1 each through an offer for sale (OFS). OFS for non-retail segments opens today. The window for retail investors will open on December 21. 10% of offers have been reserved for the retail segment.

Shapoorji Pallonji has learned through a stock exchange filing on Monday that it will sell a 2.5% stake in solar engineering, procurement and construction (EPC) contractor Sterling and Wilson.

“Seller Shapoorji Pallonji and Company Private Limited proposes to sell up to 47,33,515 shares of par value I, representing 2.5% of the total issued and paid-up share capital of the Company (“base offer size”), on December 20, 2022 (“T Day”) (non-retail investors only),” the filing read.

“On December 21, 2022 (“T+1 Day”) (for retail investors and non-retail investors who elect to carry forward unallocated bids) up to 22,66,485 additional shares, each par value of which the company has 1.19% of the total issued and paid-up share capital,” it added.

The company also proposes to exercise the oversubscription option.

“If the oversubscription option is exercised, the equity interest forming part of the basic offering size and the oversubscription option will represent 3.69% of the total issued and paid-up share capital of the company, i.e., a maximum of 7 crore equity shares representing 3.69% of the total issued and paid-up share capital of the company, after this collectively referred to as the “offer shares,” the filing reads.

Meanwhile, Sterling and Wilson Renewable energy shares were trading at Rs 277.15 per share, down 2.24% on the NSE. Shares were traded at Rs 277.45 per share on the BSE.