Shares of Sterling and Wilson Renewable Energy fell 4 per cent in morning trade on Friday after Shapoorji Pallonji proposed to offload a 1.25 per cent stake in the green power company.
Sterling and Wilson Renewable Energy opened on a muted note at Rs 280 and then slipped further to Rs 276.75, registering a fall of 4.10 per cent over its previous close on the BSE.
On the NSE, the stock opened at Rs 281.30, then fell to Rs 278.70, down 3.56 per cent.
In a regulatory filing on Thursday, Sterling and Wilson Renewable Energy said Shapoorji Pallonji and Company Pvt Ltd has proposed to sell up to 23,70,787 equity shares, having a face value of Re 1 each, representing 1.25 per cent of the total issued and paid-up equity share capital of the company.
The Offer-for-Sale (OFS) will take place on a separate window of the stock exchanges for non-retail investors on August 12.
The floor price of the offer will be Rs 270 per equity share of the company, it noted.