Sterling and Wilson Renewable Energy drops as OFS begins

Sterling and Wilson Renewable Energy fell 3.46% to Rs 273.60 after the offer for sale (OFS) opened for non-retail investors today, 20 December 2022.

Through the OFS, the company's promoters propose to sell up to 67,62,164 equity shares (representing 3.56% stake), with an option to sell an additional 1.71% stake or 32,37,836 crore equity shares in case of oversubscription.

The floor price for the sale has been set at Rs 270, a 4.73% discount to the stock's closing price of Rs 283.40 on Monday.

The total OFS size (base size + green shoe) stands at 1 crore shares, representing 5.27% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 270 crore.

In the OFS, promoter Khurshed Yazdi Daruvala is selling upto 1.58% while Shapoorji Pallonji and Company is selling upto 3.69% of the total issued and paid-up Equity Share capital of the company.

Promoters held 76.69% stake in Sterling and Wilson Renewable Energy as of 30 September 2021. Khurshed Yazdi Daruvala held 5.38% while Shapoorji Pallonji and Company held 23.70% stake.

The OFS opened on Tuesday (20 December 2022) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Wedneday (21 December 2022).

As on 15:30 IST, the OFS received subscription for 93,16,496 shares. It was subscribed 153.08% on the base non-retail offer size of 60,85,947 shares and 103.52% on the total non-retail offer size (base size + green shoe) of 89,99,998 shares.

Sterling and Wilson Renewable Energy is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider.

Sterling and Wilson Renewable Energy reported a consolidated net loss of Rs 296.95 crore in Q2 FY23 as against a net loss of Rs 284.63 crore in Q2 FY22. Net sales dropped by 78.3% YoY to Rs 312.69 crore during the quarter.

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