Sterling and Wilson Solar Limited, an EPC company of the Shapoorji Pallonji Group, has filed a draft red herring prospectus as part of its planned initial public offering (IPO). The equity shares offered through the red herring prospectus are proposed to be listed on the stock exchanges and the company has received in-principle approvals from the BSE and the NSE of India. The company plans to offer equity shares of a face value of Re 1 with a total aggregate of Rs 45 billion. The offer comprises the sale of equity shares by Shapoorji Pallonji Company Limited (SPCPL) and Khurshed Yazdi Daruvala, the chairman of the company. SPCPL is selling 65.77 per cent of the equity share capital and Daruvala is selling 33.33 per cent of his own stake. The remaining 0.9 per cent will be held by Pallon Shapoorji Mistry and Cyrus Pallonji Mistry.