Promoters of Sterling and Wilson Solar repay loans of Rs 740 crore

By: |
October 01, 2021 4:30 AM

SP Group holds a 51% stake in SWSL and parent firm Sterling & Wilson chairman Khurshed Yazdi Daruvala holds an 18% stake, while the remaining is held by public shareholders and others.

These loans were availed by SWSL, its subsidiaries Sterling and Wilson International FZE and Wilson International Solar FZCO. However, SWSL did not specify from where the funds were raised.These loans were availed by SWSL, its subsidiaries Sterling and Wilson International FZE and Wilson International Solar FZCO. However, SWSL did not specify from where the funds were raised.

The promoters of Sterling and Wilson Solar (SWSL), a Shapoorji Pallonji Group (SP Group) company, have repaid outstanding loans of Rs 740 crore ahead of Thursday’s deadline.

The promoters — Shapoorji Pallonji and Company and Khurshed Daruvala — have made the repayment of debt along with interest accrued till date. With this, the entire outstanding loans of Rs 2,563 crore, along with interest, have been repaid in full, SWSL said in a stock exchange filing.

These loans were availed by SWSL, its subsidiaries Sterling and Wilson International FZE and Wilson International Solar FZCO. However, SWSL did not specify from where the funds were raised.

The loans were part of an inter-corporate debt, which stood at Rs 2,563 crore at the time of its IPO in 2019. The promoters had subsequently bought it down to about Rs 740 crore.

The company was earlier in talks with a clutch of investors to raise funds through a combination of stake sale and debt. As per its commitments, the solar engineering, procurement and construction firm had to repay the loans by September 30.

SP Group holds a 51% stake in SWSL and parent firm Sterling & Wilson chairman Khurshed Yazdi Daruvala holds an 18% stake, while the remaining is held by public shareholders and others.

On September 19, SP Group had announced the sale of its consumer durables business under the Eureka Forbes label to American private equity fund Advent International under a Rs 4,400-crore deal. The sale was to pare debt of the 156-year-old group, which stood at Rs 10,900 crore. On Thursday, SWSL said it won a waste-to-energy project worth Rs 1,500 crore from a developer of energy assets in the UK and Europe. Last month, the company had announced expansion of its renewable energy offerings to include hybrid energy, energy storage and waste-to-energy solutions.

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