Business
Sterling and Wilson Renewable Energy raises Rs. 1,500 crore through Qualified Institutions Placement (QIP) route
Mumbai; December 15, 2023: Sterling and Wilson Renewable Energy Limited (SWRE) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR) has, on Thursday, December 14th, 2023, announced the completion of a fundraise of Rs. 1,500 crore through Qualified Institutions placement (QIP) route.
The Securities Issuance Committee of Board of Directors at its meeting held on December 14th, 2023 approved the issue and allotment of 4,32,27,665 equity shares of face value Re. 1/- each to eligible qualified institutional buyers at the issue price of Rs. 347/- per equity share (including the premium of
Rs. 346/- per equity share).
The Rs. 1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs.
Speaking on the overwhelming response, Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy shared “We express our gratitude to our investors and other stakeholders for the faith reposed in us. Last couple of months have been challenging for us as an organization and the successful completion of the QIP is a significant moment in our journey. Bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad. The company’s unexecuted order book as of September 30th, 2023, continues to remain healthy at INR 6,835 crore aided by strong domestic EPC order inflows with a robust and growing bid pipeline in both India and abroad. We remain well positioned to accelerate our growth.
Through this QIP, we are more strategically positioned to harness the immense potential of renewable energy market, globally. As a company, we continue to stay committed to our vision of accelerating a renewable future by delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world. We look forward to spearheading the journey with continuous growth, innovation and creating shareholder value.”