Sterling and Wilson Renewable Energy (SWRE) said that the company is unaware of any negotiations about a stake sale by Shapoorji Pallonji & Company (SPCPL), the holding firm of the billionaire Pallonji family.
Issuing a clarification on the
stake sale report, Sterling and Wilson said, "There is no information in possession of the company in connection to the captioned news article, which has not been announced or intimated to the stock exchanges that could explain the movement in the trading."
There would not be any material impact of this news article on the operation of the company,
Sterling and Wilson said in a statement.
Earlier, a Reuters report citing a report in Business Standard newspaper said that Shapoorji Pallonji may sell its 14% stake for approximately ₹1,800 crore to meet its financial obligations by the end of this month.
Additionally, the report said there are plans to manage another ₹20,000 crore debt, currently held within Goswami Infratech, a promoter entity. A source aware of the matter told Business Standard that this debt will likely be refinanced by engaging with new debt investors.
It further noted that the non-convertible debentures had been raised at a high rate of 18% interest per annum, and the group is considering ways to decrease its interest burden.
Since the pandemic, Shapoorji Pallonji has trimmed its consolidated debt to ₹20,000 crore as of September last year from ₹37,170 crore as of August 2020 by selling Eureka Forbes to Advent, a private equity firm, and a stake in SWRE to Reliance New Energy.
Sterling and Wilson shares settled 5% lower at ₹541.65 per share on Tuesday.
Sterling and Wilson Renewable is an engineering, procurement and construction (EPC) solutions provider.
First Published: Mar 13, 2024 8:54 AM IST
