The ink on Sterling and Wilson Solar Ltd’s (SWSL’s) initial public offering (IPO) share allotment certificates isn’t even dry yet and investors are having to grapple with a tweak in the terms and conditions. (Graphic: Satish Kumar/Mint)The loans given by SWSL to other promoter entities stood at ₹1,935 crore at the end of March 2019. Still, having raised around ₹2,850 crore (before expenses), there was enough with the promoters to clear outstanding dues of the newly listed SWSL. To their shock, investors discovered that instead of a net decrease in outstanding loans, there has been a slight increase in outstanding loans at the end of September to ₹2,085 crore ( ₹2,341 crore with interest). Investors are worried that the group is using SWSL to borrow cheap.

Source: Mint November 18, 2019 15:21 UTC