 "Shapoorji Pallonji selling 2.5 percent stake in Sterling and Wilson through OFS")
Shapoorji Pallonji And Company Private Limited is offloading 2.5 percent stake in Sterling and Wilson Renewable Energy through an offer for sale (OFS) starting today, 20 December. The company said in its filing that the seller, Shapoorji Pallonji is proposing to offload up to 47,33,515 equity shares with a face value of Re 1, till 21 December. The floor price has been fixed at Rs 270 per share. Non-retail category investors are able to bid for the offer on the transaction (T) day, which means today. The T+1 day is on 21 December, which is the date when retail investors will be allowed to bid on the shares.
It should be noted that 10 percent of the offer has been fixed for retail investors. A minimum of 25 percent of the offer will be reserved for mutual funds and insurance firms as per the filing. Sterling and Wilson Renewable Energy recently bagged a $1.5-billion order from the Nigerian government, along with its consortium partner Sun Africa. The amount will be used to set up solar photovoltaic (PV) power plants. The company is a leading solar engineering, procurement, and construction (EPC solutions) provider globally, as stated on its website. The firm has expanded its renewable energy offerings to include the EPC solutions for Energy Storage and Hybrid Energy.
According to the organisation, it operates an asset-light business model which usually entails fixed costs and low capital expenditures. Hence, it provides flexibility and scalability to meet its customers’ requirements. Sterling and Wilson has a strong presence in 25 countries according to its website. The countries that it operates in include India, United States, and Europe.
On the other hand, Shapoorji Pallonji And Company Private Limited is an international and diversified organisation comprising 17 major firms. The corporation offers end-to-end solutions in six business segments- infrastructure, real estate, engineering & construction, water, energy and financial services. According to the company, it develops megastructures and iconic landmarks. It has a dedicated workforce of over 40,000 people in over 40 nations, focusing on sustainable development.
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