Shares of Sterling and Wilson Renewable Energy hit the lower circuit of 5% after promoters Shapoorji Pallonji and Company, along with Khurshed Yazdi Daruvala, sold a combined 7.14% stake in the company via open market transactions valued at ₹1,040 crore.
Details of the Stake Sale
According to bulk deal data from the NSE, Shapoorji Pallonji and Company offloaded 1.35 crore shares, representing a 5.78% stake in Sterling and Wilson Renewable Energy. Khurshed Yazdi Daruvala also sold 31.50 lakh shares, which equates to a 1.35% holding in the company.
The shares were sold within a price band of ₹623.28 to ₹630.01 per share, totaling a combined transaction value of ₹1,039.88 crore.
Following this divestment, Shapoorji Pallonji and Company’s stake in the company reduced from 12.73% to 6.95%, while Daruvala’s shareholding fell from 1.48% to just 0.13%. Overall, the collective promoter and promoter group shareholding has decreased from 52.91% to 45.77%.
Market Impact
As of 2:55 pm, Sterling and Wilson Renewable Energy’s stock was down 5%, trading at ₹616.35.
This significant reduction in promoter shareholding reflects a change in the company’s ownership structure, with block deals conducted by buyers such as MS Asia and Societe Generale.
