Sterling and Wilson Solar's promoters have repaid Rs 67 crore of inter corporate deposits and promised a full repayment by September. The promoters of Sterling and Wilson Solar, Shapoorji Pallonji Group, and an individual named Khurshed Daruvala have repaid nearly Rs 67 crore worth inter corporate deposit (ICD) back to the company.

So, the money has come back into Sterling and Wilson Solar. Now with this payment, the balance ICD is nearly Rs 723 crore.

The company in the analyst call post the earnings, the management assured investors that it would pay the Rs 723 crore ICD by September itself, while part of that money would be paid in July-August, the balance would be paid in the month of September. This would lead to the complete removal of the ICDs, which still remains on the books.

With regards to the plan for raising Rs 723 crore, sources told CNBC-TV18 that the company is looking to various avenues. First, promoters expect about Rs 500 crore as EPC dues, which will come into a privately-held entity that is Sterling and Wilson Private Limited, which they will pay back to Sterling and Wilson Solar.

Apart from that, Rs 80 crore is expected from the sale of rooftop and real estate assets and the balance would be raised in the form of loans by Shapoorji Pallonji Group.

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(Edited by : Bivekananda)

First Published:Jul 2, 2021 6:33 PM IST