Key Promoters Divest Significant Stakes in Renewable Energy and Bimetal Companies

Shapoorji Pallonji, Khurshed Yazdi Daruvala, and promoters of Shivalik Bimetal Controls divested significant stakes in their respective companies through open market transactions. The transactions saw major acquisitions by institutional investors, causing fluctuations in shareholding percentages and changes in market values.

In a significant move, Shapoorji Pallonji and Khurshed Yazdi Daruvala, promoters of Sterling And Wilson Renewable Energy, divested a 7.14 per cent stake in the company, amounting to Rs 1,040 crore, through open market transactions. Bulk deal data from the NSE indicated that Shapoorji Pallonji and Company Pvt Ltd offloaded 1.35 crore shares, resulting in a 5.78 per cent stake reduction.

Additionally, Khurshed Yazdi Daruvala sold 31.50 lakh shares, reducing his holding by 1.35 per cent. The shares were sold within a price range of Rs 623.28 to Rs 630.01 apiece, with a combined transaction value close to Rs 1,040 crore. Consequently, the shareholding of Shapoorji Pallonji and Company dropped from 12.73 per cent to 6.95 per cent, and Daruvala's stake decreased from 1.48 per cent to 0.13 per cent. The overall promoter group holding dipped to 45.77 per cent from 52.91 per cent.

Meanwhile, leading financial institutions, including Morgan Stanley, Societe Generale, and Citigroup Global Markets Mauritius, acquired 66 lakh shares, representing a 2.83 per cent stake, at Rs 623 per share, totaling Rs 411.18 crore. Sterling And Wilson Renewable Energy's shares closed 1.63 per cent higher at Rs 652.90 apiece on the NSE.

(With inputs from agencies.)