Sterling & Wilson's promoters infuse Rs 418 crore to pare debt
Sterling and Wilson Renewable Energy (SWREL) infused ₹418 crore into the company to avert the possibility of lenders tagging them as defaulters, said people with knowledge of the development.
The company missed payments of ₹135 crore on September 30, and if it had failed to clear these dues by December 30, lenders would have to tag it as a non-performing loan (NPA) as per the Reserve Bank of India's guidelines. The ₹418 crore funds, infused on November 30, would be used to clear all its missed payments. Also, the company has begun the process to raise ₹1,500 crore through equity sale to institutional investors, people cited above said
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Offering CollegeCourseWebsiteIIM LucknowIIML Chief Marketing Officer ProgrammeVisitUniversity of Western AustraliaUWA Global MBAVisitIIM LucknowIIML Chief Operations Officer ProgrammeVisitOf ₹418 crore, Khurshed Daruvala infused ₹75 crore, and Shapoorji and Pallonji ₹343 crore, according to disclosures made to the stock exchange.
SWERL did not respond to ET's request for comment.
Reliance Industries' owned Reliance New Energy holds a 40% equity stake in SWREL, Shapoorji Pallonji Group holds an 18.5%, Khurshed Daruvala and his family have 6.8%, and the remaining is held by retail and institutional investors.
The renewable power generator missed a Rs 135 crore payment to Yes Bank on September 30, which triggered a cross-default covenant breach, making it liable to pay Rs 516 crore on a call notice. None of the lenders have recalled the loans yet, as reported by ET on November 28.
Its liquidity crunch is due to the invocation of Rs 390 crore worth of bank guarantees (BGs) in July, which its clients claimed was due to improper
