Sterling and Wilson Renewable Energy raises ₹1,500 crore via QIP | Mint
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Business News/ Companies / News/  Sterling and Wilson Renewable Energy raises 1,500 crore via QIP
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Sterling and Wilson Renewable Energy raises ₹1,500 crore via QIP

The issue price of ₹347 was at a discount of ₹18.02 per equity share, or 4.94%, to the floor price of ₹365.02.

Sterling and Wilson Renewable Energy will use the QIP proceeds to tap into the rapidly expanding solar EPC markets in India and internationally.Premium
Sterling and Wilson Renewable Energy will use the QIP proceeds to tap into the rapidly expanding solar EPC markets in India and internationally.

Mumbai: Sterling and Wilson Renewable Energy Ltd (SWRE), a provider of renewable energy EPC solutions, on Friday said it has successfully raised 1,500 crore through a qualified institutions placement (QIP) of equity shares.

According to a regulatory filing, the QIP involved the issuance and allotment of 43.2 million shares at an issue price of 347 per share, cumulatively amounting to 1,500 crore. There was robust response from domestic mutual funds and prominent global FIIs. 

The issue price was at a discount of 18.02 per equity share, or 4.94%, to the floor price of 365.02.

Amit Jain, the global chief executive officer of Sterling and Wilson Renewable Energy, said that the majority of the proceeds from the QIP would be utilized to reduce debt, provide capital for the company to tap into the rapidly expanding solar EPC markets in India and internationally.

Jain said that as of 30 September, the company's unexecuted order book was strong at 6,835 crore, largely due to significant domestic EPC order inflows, bolstered by a robust and expanding bid pipeline both in India and overseas.

“This QIP strategically positions us to capitalize on the immense potential of the global renewable energy market. We remain dedicated to our vision of fostering a renewable future, delivering high-quality renewable solutions that drive sustainability and positively impact the world," Jain added.

On 10 October, India Ratings and Research (Ind-Ra) downgraded the company’s bank facilities from ‘IND BB-’ to ‘IND D’, while placing the ratings on watch with negative implications. 

On 10 December, Sterling and Wilson Renewable Energy announced that a resolution plan proposed by the company was approved by lenders, led by Union Bank of India.

At 1215pm, shares of Sterling and Wilson Renewable traded 2.6% higher at 435 apiece on the BSE.

 

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Published: 15 Dec 2023, 12:25 PM IST
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