In a regulatory filing, Sterling and Wilson Solar Ltd (SWSL) stated that its promoters Shapoorji Pallonji and Company Private Limited (SPCPL) and Khurshed Daruvala have asked for an extension of their loans tp SWSL. SPCPL owes over Rs 1,000 crore to SWSL.
The loan repayment was due to SWSL 90-days after its IPO was launched in mid-November last year. As per SWSL’s promoters, they haven’t been able to repay the loan because of the deteriorating credit market, which has only worsened this year.
In a filing to BSE, Sterling and Wilson Solar Ltd said, “The promoters requested the board to grant further extension of time up to September 30, 2021, to facilitate funding for repayment of the outstanding loans and assured the board that they will continue to facilitate repayment over the course of the period up to September 30, 2021.”
Shapoorji Pallonji Group falters again on loan repayments to Sterling and Wilson Solar; seeks more time https://t.co/ijdkhoWb8c
— Business Today (@BT_India) September 16, 2020
