Shapoorji Pallonji and Khurshed Yazdi Daruvala Divest 7.14% Stake in Sterling Wilson Renewable Energy for Rs 1,040 Crore

Shapoorji Pallonji and Company, along with Khurshed Yazdi Daruvala, sold a 7.14% stake in Sterling And Wilson Renewable Energy for Rs 1,040 crore. This transaction was executed through open market deals. The bulk deal data from the NSE reveals that Shapoorji Pallonji and Company Pvt Ltd sold 1.35 crore shares, representing a 5.78% stake in the company.

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Khurshed Yazdi Daruvala also participated by selling 31.50 lakh shares, equating to a 1.35% stake in the solar EPC solutions provider. The shares were sold at prices ranging from Rs 623.28 to Rs 630.01 each, resulting in a total transaction value of Rs 1,039.88 crore.

Impact on Shareholding

Following this sale, Shapoorji Pallonji and Company's ownership in SWSOLAR decreased from 12.73% to 6.95%. Meanwhile, Daruvala's stake dropped from 1.48% to 0.13%. Consequently, the combined shareholding of the promoter and promoter group fell from 52.91% to 45.77%.

Morgan Stanley, Societe Generale, and Citigroup Global Markets Mauritius acquired a total of 66 lakh shares, which is equivalent to a 2.83% stake in SWSOLAR. These shares were bought at an average price of Rs 623 each, amounting to Rs 411.18 crore.

Market Reaction

The stock of Sterling And Wilson Renewable Energy closed at Rs 652.90 per share on the NSE, marking a rise of 1.63%. The identities of other buyers involved in acquiring shares of Sterling And Wilson Renewable Energy remain undisclosed.

This significant stake sale by Shapoorji Pallonji and Daruvala marks a notable shift in the company's ownership structure. The involvement of major financial entities like Morgan Stanley highlights continued interest in the renewable energy sector.

The transaction reflects ongoing changes within the company as it navigates the evolving energy landscape. The market's positive response indicates investor confidence despite the reduction in promoter holdings.

Sterling And Wilson Renewable Energy continues to be a key player in solar EPC solutions, attracting attention from both domestic and international investors.