Sterling and Wilson Solar repays full outstanding loans due to company and its subsidiary; Stock trades flat – EQ Mag Pro
The entire outstanding loans of Rs2,563cr along with all further interest accrued till date stands repaid in full, the company said.
Sterling and Wilson Solar Limited informed the exchanges Wednesday that the Promoters, i.e. Shapoorji Pallonji and Company Private Limited and Khurshed Daruvala have facilitated the repayment of the balance outstanding loans along with further interest accrued till date, by the company and its subsidiary Sterling and Wilson International FZE to the company and its subsidiary Sterling and Wilson International Solar FZCO respectively.
With this, the entire outstanding loans of Rs2,563cr as on the date of listing of company’s equity shares on the Stock Exchanges along with all further interest accrued till date stands repaid in full, company said in a filing.
The company vide its letter dated September 15, 2020 had informed the Stock Exchanges that the Board of Directors at its meeting held on that date had granted extension to the Promoters upto September 30, 2021 to facilitate funding for the repayment of the outstanding loans.
Further, the company vide its letter dated April 08, 2021 had informed the Stock Exchanges that the outstanding loans as at that date stood at ~Rs790cr. Further we had updated with the investor presentation dated August 14, 2021 that the outstanding loans had reduced to Rs741cr.
Source: indiainfoline
