July 11 (Renewables Now) - The Securities and Exchange Board of India (SEBI) has approved the prospectus for the initial public offering (IPO) of Sterling & Wilson Solar, targeting up to INR 45 billion (USD 657.6m/EUR 583.6m).
The solar power engineering, procurement and construction (EPC) business of Indian conglomerate Shapoorji Pallonji Group is looking to list on the Bombay stock exchange and the National bourse. The equity shares to be offered will have a face value of INR 1 apiece.
Sterling & Wilson submitted its draft red herring prospectus for the floatation in April. As local media reported at the time, the transaction will be an offer for sale by the company’s promoters and chairman Khurshed Daruvala. Part of the raised funds will go to repay company debt, according to the IPO prospectus.
ICICI Securities Limited, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Holdings and SBI Capital Markets will act as global coordinators for the IPO. IndusInd Bank and YES Securities India Limited will be book running lead managers of the sale.
(INR 10 = USD 0.146/EUR 0.130)