Shapoorji Pallonji said it was looking to offload a 1.25 percent stake in Sterling and Wilson Renewable Energy, sending the shares of the green power company down by 4 percent in morning trade on Friday.
At 1:38 pm, shares of Sterling and Wilson were trading at Rs 277.6, a decline of 3.79 percent from the previous close on the BSE.
Sterling and Wilson Renewable Energy opened on a muted note at Rs 280 and slipped further to Rs 276.75, registering a fall of 4.10 percent over its previous close on the BSE in the early morning trade.
Shapoorji Pallonji has proposed to sell up to 23,70,787 equity shares, having a face value of Re 1 each, representing 1.25 per cent of the total issued and paid-up equity share capital of the company,
Sterling and Wilson Renewable Energy said in a regulatory filing on Thursday.
On August 12, non-retail investors will be able to participate in the Offer-for-Sale (OFS) through a separate window of the stock exchange.
The company said there will be a floor price of Rs 270 per equity share in the offer.
(With inputs from PTI)
(Edited by : Nishtha Pandey)
