Promoters’ refund of contributions paves way for sale of Sterling and Wilson Solar shares

Shapoorji Pallonji and Company Private Limited and Khurshed Daruvala, promoters of Sterling and Wilson Solar Ltd, are preparing to repay outstanding loans owed to the company, which could pave the way for a sale of shares.

The entire outstanding loan of 2,563 crore as of the date the company’s shares were listed on the stock exchange, as well as all other accrued interest to date, is now fully repaid. Experts said that with the payment of dues by the promoters, the company could be put up for sale for a stake as part of the SP Group’s comprehensive debt reduction plan.

The impact of the Covid

The money was due to be paid by November 2019, extended until June 30, 2020, but the promoters said the Covid-related lockdown had an impact on their fundraising plan. Earlier, the board of directors of Sterling and Wilson Solar Ltd gave the green light to developers for proposing a revised timetable to repay an outstanding loan amount of 2,563 crore.

On June 25, 2020, BSR & Co, the auditors of Sterling and Wilson Solar said the company had received inquiries from SEBI, the Registrar of Mumbai Companies (RoC) and certain shareholders regarding issues related to the delay in repayment of the intercompany deposits. by the promoters.

Sterling and Wilson Solar is the first Shapoorji Pallonji company to be listed in 2019. At the time of listing, promoters were expected to pay Sterling and Wilson Solar 2,563 crore by November 18 (3 months after the date of registration). registration).

Of this amount, 2,335 crore was principal and 228 crore was interest. But the promoters on November 14 wrote to Sterling and Wilson’s board saying they were looking for a revised payment schedule.

While they paid 250 crore, for the outstanding amount of 2,341 crore (principal amount of 2,085 crore and interest of 256 crore) as of September 30, 2019, they stated that due to the significant and rapid deterioration of the credit markets, created a significant liquidity crisis, which was unpredictable.

Source link

Previous Growing Demand for Medical Monitoring Devices Market by 2028 with Major Key Players - Medtronic, Abbott, Natus Medical - Bulk Solids Handling
Next Why I disagree with Mark Cuban's advice on credit cards