Sterling & Wilson must give exit option to small shareholders: Ingovern

Sterling and Wilson Solar, which has the Shapoorji Pallonji Group as a co-promoter, was listed on the stock exchanges in August 20 last year

Proxy advisory firm InGovern on Thursday asked the market regulator to force Sterling and Wilson Solar promoters to provide an exit offer to its shareholders. The firm in its report, added failure of timely repayment of debt amounts for changes in objects of the public offer.  

"While the objects of the initial public offer (IPO) were to enable the promoters to repay loans amounting to Rs 2,563 crore to Sterling & Wilson Solar within 90 days of listing, the Company has received only Rs 1,000 crore on December 31, 2019,that is, 133 days after listing,” InGovern said.

The statement also said, “This