Shares of Sterling and Wilson were locked at 5% upper circuit on 18 December after the promoter of the company sold a 2.06% stake in the company.

The promoter of the company, Shapoorji Pallonji and Company, has divested 39,14,279 equity shares of the company, representing a 2.06% stake in the company, through an open market transaction at an average price of Rs 514.46 per share.

The buyers of the shares include Plutus Wealth Management LLP who bought 25 lakh shares that represent a 1.3% stake in the company for an average price of Rs 410 per equity.

As of 30 September 2023, the promoter holding in the company stood at 67.56%, with Shapoorji Pallonji holding an 18.3% stake. Following this stake sale, Shapoorji Pallonji’s stake has been reduced to 16.24%.

On 14 December, the company announced the completion of raising Rs 1,500 crore through the QIP (qualified institutional placement) route.

Earlier, the Securities Issuance Committee of the Board of Directors had given the nod to issue and allot 4,32,27,665 equity shares at an issue price of Rs 347 per share, along with a premium of Rs 346.

At 11:58 am, Sterling and Wilson’s shares were locked 4.99% higher at Rs 432.40 on NSE.