Representative image. Financial control
Shapoorji Pallonji & Company Limited is selling its 2.5 percent stake in Sterling & Wilson Renewable Energy through an Offer for Sale (OFS) effective December 20. Seller Shapoorji Pallonji has proposed to offload up to 47,33,515 equity shares with a face value of Rs 1 by December 21, the company said in a filing. The price of the floor is fixed at 270 rupees. Non-retail investors can bid on the offer on the transaction (T) day, which means today. The T+1 date is December 21, which is the day retail investors are allowed to bid on the stock.
It should be noted that 10 percent of the discount is reserved for retail investors. At least 25 percent of the discount is expected for mutual funds and insurance companies as per the application. Sterling & Wilson Renewable Energy recently secured a $1.5 billion order from the Nigerian government with United Nations Sun Africa. The amount is used to prepare solar photovoltaic (PV) power plants. According to its website, the company is a global provider of solar engineering procurement and construction (EPC solutions). The company expanded its renewable energy offering to include EPC solutions for energy storage and hybrid energy.
According to the firm, it operates a simple business model on property which usually involves fixed costs and low capital costs. Thus, it provides flexibility and scalability to meet the needs of its customers. Sterling & Wilson has a strong presence in 25 countries, according to its website. Countries where it operates include India, USA and Europe.
On the other hand, Shapoorji Pallonji And Company Private Limited is a global and diversified organization consisting of 17 major firms. The corporation provides end-to-end solutions in six business sectors: infrastructure, real estate, engineering and construction, water, energy and financial services. According to the company, it develops mega structures and famous brands. It has a workforce of over 40,000 people with a focus on sustainable development.
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