Shapoorji Pallonji Repays Rs 1,000 cr Loans of Sterling Wilson
The Shapoorji Pallonji group, promoters of Sterling & Wilson Solar Power have repaid outstanding loans to the tune of Rs 1,000 crore till Tuesday, December 31.
In a regulatory filing, Sterling & Wilson Solar Power said, "Please be informed that out of the balance due, consisting of principal and interest (outstanding loan) the Promoters have enabled repayment of Rs 1,000 crore from the date of listing of the Company's shares till December 31, 2019".
The company has also informed that the outstanding loan of Rs 2,563 crore due from Sterling and Wilson Pvt. Ltd. and Sterling and Wilson International FZE as on the date of listing of the company's shares on the stock exchanges stands reduced to Rs 1,644 crore.
The outstanding loan on the date of listing was Rs 2,563 crore, which with interest of Rs 81 crore went up to Rs 2,644 crore, of which Rs 1,000 crore has been repaid, leaving Rs 1,644 crore as balance.
The promoters have proposed to facilitate repayment of balance outstanding loan amounts including further accruals of interest in a fixed time frame by September 30, 2020.
The scheme includes repayment of Rs 500 crore by March 31, Rs 500 crore by June 30 and the balance amount before September 30.
Based on the recommendations of the audit committee, the board of directors of the company in the meeting held on Tuesday have approved the repayment schedule.
The company's external debt from the date of listing of company' shares till December 31 have reduced by a net amount of Rs 1,340 crore. Over and above, the company has also paid interest on external debt of Rs 68 crore during the period.
Sterling and Wilson Solar, the first company from the Shapoorji Pallonji stable that got listed recently in November saw its shares drop sharply due to loan repayment concerns.