Sterling and Wilson Renewable Energy (SWREL) is not doing too well. The stock opened 3% lower at Rs.380 and went down to an intraday low at Rs.276.50, declining over 4%. Its 52-week low is at Rs.248.35.
The stock is down as its promoter, Shapoorji Pallonji are selling 1.25% stake in the company through an Offer For Sale (OFS), which is currently on at a separate window of the stock exchanges from 9:15 am to 3:30 pm for non-retail investors. The floor price has been set at Rs.270/share.
Shapoorji Pallonji and Company owned 24.95% stake as at 30th June’22 and this now comes down to 23.7%.
Promoter group, which is essentially the Shapoorji family holds 64.95%. Reliance Industries subsidiary Reliance New Energy, which is also a promoter, has a 40% stake.