Sterling & Wilson Solar promoters delay repayments owed to company citing covid
Solar EPC company Sterling & Wilson Solar Ltd (SWSL) on Wednesday informed stock exchanges that Rs500 crore payment due from its promoters, the Shapoorji Pallonji group and Khurshed Daruvala, on 30 June has been delayed as the promoters cited difficulty in availing financing due to the covid-19 pandemic.
“This refers to our letter dated June 26, 2020 regarding the apprehension made by Shapoorji Pallonji and Company Private Limited and Mr. Khurshed Daruvala vide their letter dated June 25, 2020, informing the Company that the facilitation of payment of installment of ₹ 500 Crore out of the Outstanding Loans envisaged to be repaid by June 30, 2020 (“June Installment”) might spill beyond by a few weeks due to impact caused by the global pandemic COVID-19,” the company said in a stock exchange filing.
The repayment is part of dues worth Rs2,644 crore that the promoters owe to SWSL. The loan was to be repaid within 90 days of Sterling and Wilson Solar’s IPO, which ended mid-November 2019.
