ShapoorjiPallonji gears up to list solar EPC biz

ShapoorjiPallonji Group will soon file draft documents with the markets regulator to raise ?4,000 crore by selling shares in its solar engineering, procurement and construction (EPC) business to the public for the first time, three people aware of the matter said. Sterling and Wilson Pvt. Ltd, which houses the group’s solar EPC business, is expected to file the documents with the Securities and Exchange Board of India by early next month, one of the three people cited above said on condition of anonymity. “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," the person added.