Sterling and Wilson Solar gets Sebi approval to float Rs 4,500-cr IPO

Sterling and Wilson Solar Ltd (SWSL) has received approval from markets regulator Sebi to float its Rs 4,500-crore initial public offering.

The capital markets regulator issued its final observations on SWSL's IPO proposal on July 4, according to information available on Sebi's website.

The total size of the initial public offering (IPO) is about Rs 4,500 crore.

The IPO will be an offer-for-sale by the company's Chairman Khurshed Yazdi Daruvala, and Shapoorji Pallonji and Company, the promoter selling shareholders.

The company had filed its draft red herring prospectus for the IPO with Sebi on April 15 this year.

Sebi's observations are necessary for any company to launch public issues such as IPO, follow-on public offer (FPO) and rights issue.

ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Holdings and SBI Capital Markets are the global coordinators and book running lead managers and IndusInd Bank and YES Securities are the book running lead managers to the issue.

The shares of Sterling and Wilson are proposed to be listed on BSE and NSE.

The company's order book was Rs 4,309.09 crore as of December 31, 2018.