Not aware of promoter stake sale: Sterling & Wilson Renewable Energy

Sterling & Wilson Renewable Energy has said that it was not aware of any sale of stake by Shapoorji Pallonji and Company Private in the company. 

In a statement to the stock exchanges, the company said there was no information in possession of the company in connection to the captioned news article, which has not been announced/intimated to the stock exchanges that could explain the movement in the trading.

There would not be any material impact of this news article on the operations of the company, the company said. The company was reacting to a news article in this paper titled SP group may sell Sterling & Wilson stake, Afcons Infra IPO delayed.

The company said in its placement document dated December 14, 2023 on the Qualified Institutional Placement, SPCPL has undertaken that it will not, without the prior written consent of the BRLMs, directly or indirectly transfer or dispose of any equity shares held by SPCPL in the company for a period of 180 days from the date of allotment under the issue, ie, up to June 11, 2024.