Shapoorji Pallonji on Monday said that the company will offload 2.5% stake in listed entity Sterling and Wilson Renewable via offer for sale (OFS) route.
Shapoorji Pallonji, the promoter, will offload stake in Sterling and Wilson Renewable Energy between 20 December and 21 December.
It has fixed the floor price at ₹270 per share.
"The seller, Shapoorji Pallonji proposes to sell up to 47,33,515 equity shares having a face value of ₹1, representing 2.50% of the total issued and paid-up equity share capital," said the company in its corporate filing.
On 20 December, which is the T day, is for non-retail category investors. On 21 December which is the T+1 day, the retail investors will be allowed to bid and 10 per cent of the offer has been reserved for them.
"A minimum of 25% of the offer shall be reserved for mutual funds and insurance companies," the filing added.
The bidding will take place on NSE. Shares of Sterling and Wilson ended with cuts of 1.9% at Rs 283.25 apiece before the announcement on Monday.
Recently, Sterling & Wilson Renewable Energy has bagged a reported $1.5-billion order from the government of Nigeria, along with its consortium partner Sun Africa, for setting up solar PV power plants.