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SWSL on Wednesday (8 July) informed stock exchanges that Rs 500 crore payment due from its promoters, the Shapoorji Pallonji group and Khurshed Daruvala, on 30 June has been delayed as the promoters cited difficulty in availing financing due to the Covid-19 pandemic.
"This refers to our letter dated June 26, 2020 regarding the apprehension made by Shapoorji Pallonji and Company Private Limited and Mr. Khurshed Daruvala vide their letter dated June 25, 2020, informing the Company that the facilitation of payment of installment of Rs 500 crore out of the Outstanding Loans envisaged to be repaid by June 30, 2020 (June Installment) might spill beyond by a few weeks due to impact caused by the global pandemic COVID-19," the company said in a stock exchange filing.
The promoters informed that the global COVID-19 pandemic created a significant impact causing delays in their fund raising plans and consequently the June installment could not be repaid by 30 June 2020. The SWSL board insisted that the promoters provide necessary security in respect of the June installment, in an expeditious manner, which the promoters have assured the board to revert back at the earliest
Of the outstanding loan amount of Rs 2,563 crore (principal amount of Rs 2,335 crore and interest of Rs 228 crore), the promoters have already repaid Rs 1,500 crore until March 2020. The promoters have committed to facilitate the payment of the balance amount by 30 September 2020.
Sterling and Wilson Solar, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider.
On a consolidated basis, the company's net profit declined 56.4% to Rs 128.58 crore on an 11.4% drop in net sales to Rs 2060.63 crore in Q4 March 2020 over Q4 March 2019.
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