Shares of Sterling and Wilson Renewable Energy fell over 2% after promoters Shapoorji Pallonji and Company and Khurshed Yazdi Daruvala sold a combined 7.14% stake in the company via open market transactions worth ₹1,040 crore.
Details of the Stake Sale
According to the bulk deal data from the NSE, Shapoorji Pallonji and Company offloaded 1.35 crore shares, representing a 5.78% stake in the company. Additionally, Khurshed Yazdi Daruvala sold 31.50 lakh shares, amounting to a 1.35% holding in Sterling and Wilson Renewable Energy.
The shares were sold within a price range of ₹623.28 to ₹630.01 per share, totaling a transaction value of ₹1,039.88 crore.
Following the sale, Shapoorji Pallonji and Company’s shareholding in Sterling and Wilson Renewable Energy has decreased to 6.95% from the earlier 12.73%. Meanwhile, Daruvala’s stake has reduced from 1.48% to 0.13%. Overall, the combined shareholding of the promoter and promoter group has come down to 45.77% from 52.91%.
Market Impact
As of 9:30 AM, the stock was trading 1.66% lower at ₹637.95 on the NSE. The market reacted to the significant stake sale by the promoters, which led to a decline in share price.
This reduction in promoter shareholding signals a notable change in the ownership structure of Sterling and Wilson Renewable Energy, as the sale was made to buyers including MS Asia and Societe Generale via block deals.
