Shapoorji Pallonji and Company divests 1.25% stake in energy firm

Shapoorji Pallonji divests stake in energy firm Sterling and Wilson Renewable Energy’s promoters divested 1.87 per cent stake in the company through the offer for sale (OFS) route.

The 3.6-million share OFS garnered bids for 7.8 million shares from institutional investors on Friday. Shapoorji Pallonji and Company divested 1.25 per cent stake, while Khurshed Daruvala sold 0.62 per cent.

The floor price for the OFS was set at Rs 270 per share. Shares of the company fell 3.3 per cent to end at Rs 279. At the end of June quarter, the promoter holding in Sterling & Wilson stood at 78.56 per cent.