Shapoorji Pallonji's Sterling and Wilson Solar files for Rs 4,500 crore IPO

Shapoorji Pallonji and Co. holds 65.77 per cent stake in Sterling and Wilson Solar, Khurshed Yazdi Daruvala holds 33.33 per cent, while the rest is owned by Cyrus Mistry and other members of the promoter group.

By BusinessToday.In  
Wednesday, April 17, 2019

Sterling and Wilson Solar, a solar engineering company promoted by Shapoorji Pallonji Group, has filed a Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to raise about Rs 4,500 crore through an initial public offer (IPO).

According to the document filed with Sebi, the IPO will be an offer for sale by the company's chairman Khurshed Yazdi Daruvala and Shapoorji Pallonji and Company. As of now, Shapoorji Pallonji and Co. holds 65.77 per cent stake in the company, Khurshed Yazdi Daruvala holds 33.33 per cent, while the rest is owned by Cyrus Mistry and other members of the promoter group.

ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Holdings, SBI Capital Markets are the global coordinators and book running lead managers. IndusInd Bank and YES Securities (India) are the book running lead managers to the issue.

Sterling and Wilson Solar plans to list its shares on the domestic bourses Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The company started its operations in 2011 as the Solar Engineering, Procurement and Construction (EPC) division of Sterling and Wilson Private Limited (SWPL) and was demerged into a separate entity called Sterling and Wilson Solar Limited in April 2017.

The global end-to-end solar EPC solutions provider reported a 98 per cent growth in its net profit at Rs 343 crore in the first nine months of 2018-19, while revenue rose 83 per cent to Rs 5,915 crore.

As of December 31, 2018, the company's order book stood at Rs 4,309.09 crore, while it had 183 commissioned and contracted solar power projects with a total capacity of 6,062.83 megawatt (MW).

(With PTI inputs)

Edited by Chitranjan Kumar

Also Read: Wipro Q4 profit jumps 38% YoY to Rs 2,483 cr, board approves share buyback worth Rs 10,500 cr

Related Stories

ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Co tells NCLAT
ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Co tells NCLAT
Tata Motors posts net loss of Rs 28,826 crore in FY19, JLR turns profitable in Q4
Tata Motors posts net loss of Rs 28,826 crore in FY19, JLR turns profitable in Q4
McDonald's opens 13 outlets; drops Chicken McGrill, McAloo Wrap from menu
McDonald's opens 13 outlets; drops Chicken McGrill, McAloo Wrap from menu

Latest Stories

Amul increases milk prices by Rs 2 per litre from 21 May
Amul increases milk prices by Rs 2 per litre from 21 May
ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Co tells NCLAT
ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Co tells NCLAT
Starbucks opens 'silent cafe' in China, employs hearing-impaired staff
Starbucks opens 'silent cafe' in China, employs hearing-impaired staff
SPONSORED