Sterling and Wilson Solar files for IPO with SEBI; Aims to raise Rs 4,500 crore
The company's revenue from operations in the initial nine months of 2018-19 rose 83 per cent to Rs 5,915 crore while net profit soared 98 per cent to 343 crores during the period
April 16, 2019. By News Bureau
Shapoorji Pallonji Group's RE arm Sterling and Wilson Solar has announced that it has filed Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise about Rs 4,500 crore
The Initial Public Offer (IPO) will be a proposal for sale by the company’s chairman Khurshed Yazdi Daruvala and Shapoorji Pallonji and Company Private Limited. Daruvala holds 33.33 per cent stake, Shapoorji Pallonji and Company holds 65.77 per cent stake while the lingering stake is held by Cyrus Mistry and other members of the promoter group.
The company began its operations in 2011 as the Solar Engineering, Procurement and Construction (EPC) division of Sterling and Wilson Private Limited (SWPL) and demerged from SWPL with effect from April 1, 2017 and is now called Sterling and Wilson Solar Limited.
The company's revenue from operations in the initial nine months of 2018-19 rose 83 per cent to Rs 5,915 crore while net profit soared 98 per cent to 343 crores during the period.
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