Sterling and Wilson Renewable Energy raises Rs 1,500 crore

Sterling and Wilson Renewable Energy has raised Rs 1,500 crore through an issue of shares to qualified institutional investors, the company said in a statement. The Securities Issuance Committee of Board of Directors at its meeting held on December 14 approved the issue and allotment of 4,32,27,665 equity shares to eligible qualified institutional buyers at the issue price of Rs 347 per equity share.

Sterling and Wilson Renewable Energy Ltd said that the Rs 1,500 crore Qualified Institutions placement (QIP) issue witnessed a strong response from both domestic mutual funds and marquee global FIIs.

Amit Jain, Global CEO, Sterling and Wilson Renewable Energy said, "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, Jain added.

The company's unexecuted order book as of September 30th, 2023, continues to remain healthy at Rs 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, Jain said.

Through this QIP, we are more strategically positioned to harness the immense potential of renewable energy market, globally, he stated.