Home India Sterling & Wilson Solar share price gains 3% after Australian arm executes order
Sterling & Wilson Solar share price gains 3% after Australian arm executes order

Sterling & Wilson Solar share price gains 3% after Australian arm executes order

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The contract was worth AUD 170.60 million (approximately Rs 827 crore).

Sterling & Wilson Solar share price rallied 3.4 percent on December 12 after its Australian subsidiary executed a AUD 170.60-million order.

The stock closed at Rs 286.90 on the BSE after rallying 5 percent intraday.

The engineering company informed exchanges that Sterling & Wilson Solar Australia Pty Ltd had executed a definitive contract for engineering, construction and procurement for a 144 MW DC solar farm.

Overall, the stock has underperformed since its listing in August, falling 63 percent from its issue price of Rs 780 due to delay in debt repayment by promoters.

“The board of directors on November 14 approved a request received from the promoters of the company ie Shapoorji Pallonji and Company Private Limited (SPCPL) and Khurshed Y Daruvala for revised loan repayment schedule for the balance outstanding amount,” Sterling had said in its BSE filing.

Sterling & Wilson raised Rs 2,850 crore through the IPO, which was an offer for sale.

The company had said the promoters would utilise a portion of the proceeds towards full repayment of the loans due to the company and Sterling and Wilson International Solar FZCO, from SWPL and Sterling and Wilson International FZE (a subsidiary of SWPL) respectively, within 90 days of listing of the equity shares, which would have been November 18.

Outstanding dues stood at Rs 2,563 crore-a-principal amount Rs 2,335 crore and interest Rs 228 crore–on August 20, the date of listing of the equity shares of the company.

Source : moneycontrol
Anand Gupta Editor - EQ Int'l Media Network

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