- The documents will be filed by Sterling and Wilson, the company which houses the EPC business, by early next month, the sources told Mint.
- The company, the paper said, hired six investment banks to manage the share sale.
Shapoorji Pallonji Group is likely to file draft documents with Securities and Exchange Board of India (Sebi) in order to raise Rs 4,000 crore through an initial public offering (IPO) for its solar engineering, procurement and construction (EPC) business, Mint reported, citing sources.
The documents will be filed by Sterling and Wilson, the company which houses the EPC business, by early next month, the sources told Mint.
“The IPO (initial public offering) will be a pure offer for sale of shares worth around ₹4,000 crore by the promoter group, which plans to use the proceeds to pare debt,” one of the sources was quoted as saying in the report.
The company, the paper said, hired six investment banks to manage the share sale, adding that the solar engineering business can be an attractive prospect for investors given the fact that it is present globally.
The investment banks include ICICI Securities Ltd, Credit Suisse and Axis Capital, the sources told the paper, adding that the group expects the solar business to fetch a valuation of as much as $3.5 billion.
Source: cnbctv18
