Sterling & Wilson arm OFS oversubscribed 1.5 times

Mumbai: Sterling & Wilson Renewable Energy promoters Shapoorji Pallonji and Khurshed Yazdi Daruvala have offloaded 2.5% stake via offer for sale (OFS) route, raising ₹203.6 crore.

The OFS was undertaken to meet the minimum public shareholding norms. Promoters held around 76.69% stake in the company as of September 2022.

"The issue was oversubscribed 1.5 times of the base offer size," Edelweiss Investment Banking and Advisory, the bookrunner, said in a statement.

The total OFS size (base size + green shoe) stood at 1 crore shares, representing 5.27% of outstanding equity shares of the company.

The floor price was fixed at ₹270 per share.

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

In the OFS, promoter Khurshed Yazdi Daruvala is selling up to 1.58% while Shapoorji Pallonji and Company is selling up to 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 September 30, 2022. Khurshed Yazdi Daruvala held 5.38% while Shapoorji Pallonji and Company held 23.70% stake.

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

A minimum of 25% of the offer was to be reserved for mutual funds and insurance companies.

Sterling & Wilson Renewable Energy's scrip ended at ₹262.80, up 0.1% on the BSE, Wednesday. Benchmark Sensex closed higher 0.64%.