What’s happening at Sterling and Wilson?
MUMBAI : Shares of Sterling and Wilson Solar Ltd (SWSL), the recently listed group company from the Shapoorji Pallonji stable, fell 20% in early trade on the BSE on Monday, with investors worried about the company not meeting loan repayment schedules and reneging on IPO commitments.
Last Thursday, in a disclosure to stock exchanges, the promoters of SWSL – the Shapoorji Pallonji Group and Khurshed Yazdi Daruvala – said they couldn’t honour their inter-corporate loan repayment commitments made during the IPO in August and sought more time from the company’s board to repay loans worth ₹2,341 crore, citing unforeseen reasons including a liquidity crisis at the group level.
The outstanding dues stood at ₹2,563 crore (principal amount of ₹2,335 crore and interest of ₹228 crore) on August 20, 2019, the date of listing of the equity shares of the company.
