Kenneth Andrade’s Old Bridge Capital Management has written to Securities and Exchange Board of India accusing Shapoorji Pallonji (SP) group of suppressing ‘material information’ in the initial public offering (IPO) prospectus of its subsidiary Sterling & Wilson Solar. The announcement sparked outrage among institutional investors, sending the stock tanking by 20%.Old Bridge Capital’s alternate investment fund was one of the investors in Sterling and Wilson IPO. The company got listed on August 20, 2019. ET has a copy of the letter. It is within the legal framework to grant such permission by the board of directors of the company,” he added.

Source: Economic Times January 24, 2020 02:35 UTC