Sterling and Wilson Renewable Energy Ltd (SWRE), a provider of renewable energy Engineering, Procurement, and Construction (EPC) solutions, successfully raised ₹1,500 crore through a Qualified Institutions Placement (QIP) of equity shares.
In this process, 43.2 million shares were issued and allotted at an issue price of ₹347 per share, totaling ₹1,500 crore. The strong response came from domestic mutual funds and prominent global Foreign Institutional Investors (FIIs). The issue price represented a 4.94% discount to the floor price of ₹365.02 per equity share.
Amit Jain, the global CEO of Sterling and Wilson Renewable Energy, stated that the majority of the QIP proceeds would be utilized to reduce debt and provide capital for the company to tap into the rapidly expanding solar EPC markets in India and internationally.
As of September 30, the company’s unexecuted order book stood at ₹6,835 crore, driven by substantial domestic EPC order inflows and a robust bid pipeline both in India and overseas.
The QIP strategically positions SWRE to leverage the immense potential of the global renewable energy market. Despite a recent downgrade in ratings by India Ratings and Research (Ind-Ra) and approval of a resolution plan by lenders on December 10, SWRE remains dedicated to its vision of fostering a renewable future and delivering high-quality renewable solutions.
As of 12:15 PM, shares of Sterling and Wilson Renewable Energy traded 2.6% higher at ₹435 apiece on the Bombay Stock Exchange (BSE).
