Sterling & Wilson Solar’s Stock Jumps 11% On Repaying Debt
Sterling & Wilson Solar said its current outstanding debt stands at Rs 790 crore.
Shares of Sterling & Wilson Solar Ltd. gained after the Shapoorji Pallonji Group flagship company repaid some of its loans.
The transmission and distribution company repaid outstanding debt worth Rs 402 crore until March 31, 2021, according to an exchange filing.
The company’s outstanding debt, its investor presentation released on Feb. 13, 2021 said, stood at Rs 1,160 crore. The latest repayment lowers its total outstanding debt, including interest accrued, to Rs 790 crore.
That also helped lower its term debt.
The company’s outstanding term debt as on Feb. 13, 2021 stood at Rs 332 crore, excluding an additional loan worth Rs 40 crore. After repayment of Rs 278 crore worth debt, its total outstanding term debt stood at Rs 94 crore, the filing said.
Sterling & Wilson Solar on March 24 had informed the bourses about its pact with Adani Green Energy Ltd. to dispose its 100% shareholding in two special purpose vehicles. The net consideration of Rs 250 crore, the company had said, was to be utilised in repayment of outstanding loans and term debt.
Also, its promoter Khurshed Daruvala had sold close to 5% stake in the company worth Rs 200 crore on March 31, 2021.
After the announcement of debt repayment, shares of Sterling & Wilson Solar gained as much as 11.1%—the biggest single-day jump in two weeks—to Rs 317.95 apiece.