Sterling and Wilson Solar raises Rs 1,406cr from anchor investors; IPO to open on August 6

Sterling and Wilson Solar (SWSL), the solar EPC solutions provider, has raised about Rs 1,406 crore by selling shares to 18 anchor investors on August 5, a day before the issue opens for the subscription.

The company, formed by demerging the solar EPC businesses of Sterling and Wilson, has allotted 18,028,846 equity shares at Rs 780 per share (the higher end of price band), aggregating to Rs 1,406.2 crore, as per notice available on BSE.

The leading anchor investors include Nomura India Investment Fund, Schroder International, and Abu Dhabi Investment Authority among others.

Other marquee names amongst them are Reliance Mutual Fund, Eastspring, Keysquare, Carmignac Gestion, Massachusetts Institute of Technology, Fidelity, ICICI Prudential Life, HSBC Global, UPS Group Trust, Neptune, IIFL AIF etc.

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The Rs 3,125 crore public issue will open for subscription on August 6 and company has fixed issue price band at Rs 775-780 per share.

The issue, which will close on August 8, comprises an offer for sale by the promoters Shapoorji Pallonji and Company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.

The shareholding of promoters Shapoorji Pallonji and Company and Khurshed Yazdi Daruvala will be reduced to 49.11 percent and 25.01 percent from 65.77 percent and 33.33 percent, respectively, post issue.

The promoters will utilise a portion of funds towards full repayment of the loans due to the company and Sterling and Wilson International Solar FZCO from SWPL and Sterling and Wilson International FZE (a subsidiary of Sterling and Wilson Private Limited-SWPL), respectively within 90 days of listing of the equity shares.

Company’s profit in FY19 increased by 41.66 percent year-on-year to Rs 638 crore and revenue grew by 19.9 percent to Rs 8,240 crore compared to FY18.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.

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