On June 23, Sterling and Wilson Renewable Energy’s shares jumped 6% after a massive block deal on the bourses. Around 35 lakh shares, or 1.8% equity stake, worth Rs 103 crore, exchanged hands at Rs 295.25 per share.

At 9:22 am, the stock rose 1.4% at Rs 302.4 on the BSE.
As per reports, Promoter Shapoorji Pallonji and Company is likely a seller in the Sterling & Wilson block deal, holding a 20.93% stake as of March end of 2023.

The Promoter and Promoter Group held a 72.7% stake in the company as of March FY23. And a total pledge stood at 39.52% of promoter holdings.

The company is looking to introduce capital even as it goals to turn EBITDA positive this fiscal. The board is discovering various options to recapitalise the balance sheet, per the media reports.

International CEO of Sterling & Wilson Renewable Energy Amit Jain told the newspaper that the enhanced order booking, predominantly from the fast-increasing Indian market, should help the company double its revenue in 2023.