Promoters of Sterling & Wilson Solar Power Ltd., the Shapoorji Pallonji group, have repaid outstanding loans to the tune of Rs 1,000 crore till December 31.
"Out of the balance due, consisting of principal and interest (outstanding loan) the Promoters have enabled repayment of Rs 1,000 crore from the date of listing of the Company's shares till December 31, 2019," the company said in an exchange filing on Tuesday.
The outstanding loan of Rs 2,563 crore due from Sterling and Wilson Pvt. Ltd. and Sterling and Wilson International FZE as on the date of listing of the company's shares on the stock exchanges stands reduced to Rs 1,644 crore, it added.
The repayment includes principal amount plus interest which was accrued and due as at Dec 31, 2019.
Further, the promoters have proposed to facilitate repayment of balance outstanding loan amounts including further accruals of interest by September 30, 2020.
It includes repayment of Rs 500 crore on or before March 31, 2020, Rs 500 crore by June 30, 2020 and the balance amount on or before September 30, 2020.
The company's external debt from the date of listing of company' shares till December 31 has reduced by a net amount of Rs 1,340 crore. Over and above, the company has also paid interest on the external debt of Rs 68 crore during the period.
"Based on the recommendations of the audit committee, the board of directors of the company in the meeting held on Tuesday have approved the repayment schedule," the company statement said.
First Published: Jan 1, 2020 6:36 AM IST
