The issue, which will close on August 8, comprises of an offer for sale by the promoters Shapoorji Pallonji and Company, aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.
As per the media release, a portion of the net offer proceeds will be used towards funding full repayment of the loans due to the company and Sterling and Wilson International Solar FZCO from SWPL and Sterling and Wilson International FZE respectively within 90 days from the date of listing of the equity shares.
Up to 75 per cent of the offer will be available for allocation to qualified institutional buyers (QIBs), while one-third of the anchor investor portion will be reserved for domestic mutual funds.
Further, up to 15 per cent of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and not more than 10 per cent of the offer will be available for the allocation to retail individual bidders in accordance with the SEBI ICDR Regulations.
ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer.
IndusInd Bank and YES Securities are the book running lead managers to the offer.
Sterling and Wilson Solar is a solar EPC solution provider firm which also caters in operations and maintenance services, including for projects constructed by third-parties.
The firm claims to be the largest solar EPC solutions provider in each of India, Africa and the Middle East according to IHS Markit in 2018. It currently has a presence across 26 countries with operations in India, South East Asia, Middle East and North Africa, rest of Africa, Europe, United States and Latin America and Australia.
As per the media release, Sterling and Wilson Solar’s total revenue from operations was Rs 1,640.2 crore, Rs 6,871.71 crores and Rs 8,240.41 crores in the financial years 2017, 2018 and 2019, respectively.
The combined profit after tax was Rs 31.43 crores in 2017 and the consolidated profit after tax was Rs 450.54 crores and Rs 638.23 crores in 2018 and 2019, respectively, the report claimed.
