'Not Exiting Sterling & Wilson', promoter says as stock crashes

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Subscribe to enjoy similar stories. Mumbai: Sterling and Wilson Renewable Energy (SWRE) chairman Khurshed Daruvala said his family is not exiting the company, and his stake sale last week was to fund another investment for settling the Sterling and Wilson Group's debt woes. Shares of the solar sector EPC (engineering, procurement and construction) firm crashed nearly 8% in the last two trading sessions after promoters Daruvala and Shapoorji Pallonji and Company Pvt.

Ltd (SPCPL) offloaded about 7.14% stake for ₹1,040 crore through bulk deals. Daruvala sold 3.15 million shares for just under ₹200 crore, as per Bloomberg data. “I see huge potential for solar EPC in India.

I’m not selling out," Daruvala said in an interview on Tuesday. “In fact, along with my wife’s stake, we own about 5.7% in the company, making Sterling and Wilson Renewable Energy our largest family investment by value. I see it as a long-term investment in one of the most exciting industries." Daruvala’s wife Kainaz holds 5.57% stake in the listed company, shareholding data on the BSE show.

Also read | Sterling and Wilson Renewable Energy raises ₹1,500 crore via QIP Daruvala said the stake sale was to fund an investment in Sterling & Wilson Data Centre, a new company that acquired the data centre EPC business from Sterling and Wilson (S&W) in a slump sale. S&W is an unlisted firm engaged in mechanical, electrical, and plumbing (MEP) services and in electricity transmission and distribution (T&D). Its promoters include the Daruvala family and the SP Group.