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					</table><p><a href="https://www.shapoorjipallonji.com/" target="_blank" rel="noopener">Shapoorji Pallonji</a> has proposed to sell 2,370,787 equity shares having a face value of ₹1 (~$0.013) each, amounting to a 1.25% equity it holds in its solar engineering and construction arm Sterling and Wilson Renewable Energy.</p>
<p>The offer for sale will take place on a separate window of BSE and NSE on August 12 for non-retail investors. The floor price of the offer will be ₹270 (~$3) per share.</p>
<p>Non-institutional investors, including the retail category, must deposit 100% of the bid value in cash upfront with the clearing corporation when placing bids for the offer. Institutional investors will have the option of placing bids without any upfront payment.</p>
<p>The settlement will take place on a trade-for-trade basis. For bids received from the non-retail category, the settlement will occur on the day after the trade. In the case of institutional investors who place bids without depositing 100% of the order value upfront, the settlement must be completed on the second day after the trade.</p>
<p>Individual investors can bid both in the retail category and non-retail category. However, if the cumulative bid value by an individual retail investor across both categories exceeds ₹200,000 (~$2,511), the bids in the retail category will become ineligible. Further, if the cumulative bid value by an individual investor in the retail category across BSE and NSE exceeds ₹200,000 (~$2,511), such bids will be rejected.</p>
<p>In case of default in pay-in, 10% of the order value will be charged as a penalty from the investor and collected from the broker.</p>
<p>IIFL Securities and DAM Capital Advisors will act as the brokers for Shapoorji Pallonji.</p>
<p>In February, Reliance New Energy Solar, the green energy arm of Reliance Industries, <a href="https://mercomindia.com/reliance-completes-acquisition-sterling-wilson/" target="_blank" rel="noopener">completed</a> the 40% stake acquisition in Sterling and Wilson Renewable Energy. Reliance acquired the stake through a primary investment, a secondary purchase, and an open offer. In October 2021, Reliance made an open offer for a 25.9% public shareholding in Sterling and Wilson Renewable Energy.</p>
<p>Sterling and Wilson was the top utility-scale solar engineering, procurement, and construction service providing companies in 2021, according to Mercom’s recently released <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2022-market-shares-and-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2022</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Shapoorji Pallonji to Offload 1.25% Stake in Sterling and Wilson

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