Sterling & Wilson Solar is among the top gainers on the BSE currently. The stock opened over 1.5% higher at Rs.239.50 and went on to hit an intraday high at Rs.265.45, up 13%. Its 20% UC for the day is at Rs.282.35.
The stock is reacting to the news of its promoters, Shapoorji Pallonji’s debt recast request made to its lenders getting approved. This recast is for a debt of Rs.22,183 crore and Shapoorji is looking for easier payment terms, deferring repayments by eight quarters and suspension of interest payment till Sept. However, the terms of the recast proposal include Shapoorji Pallonji to pay the previously agreed interest rate and fully repay the principal.
Under the plans to raise money as submitted to the lenders, Shapoorji group plans to partially or fully divest stake in Eureka Forbes, Sterling and Wilson Solar and Afcons Infrastructure Ltd is being considered in FY22.
The group plans to raise about Rs.10,332 crore through this asset sale.
The Shapoorji group collectively holds 75.35% stake in Sterling & Wilson.