Sterling and Wilson Renewable Energy Allots 44,270 Equity Shares Under ESOP; Stock Surges Over 2%

Sterling and Wilson Renewable Energy Limited (SWREL) on Monday (October 28) announced of expanding its share capital through a recent Employee Stock Option Plan (ESOP) allotment, the company announced through an exchange filing.

As per the regulatory filing, under the SWREL ESOP Plan, the Nomination and Remuneration Committee approved the issuance of 44,270 equity shares at an exercise price of Rs 238 each.

A Boost to Equity Capital

This allotment raises the company's total paid-up capital from Rs 23,34,43,046 to Rs.23,34,87,316, translating to a total of 23,34,87,316 equity shares, each valued at Rs 1.

As per regulatory filings, these shares are fully identical to existing ones, carrying the same rights and privileges, ensuring employees granted these shares will hold equal standing with current shareholders.

Market Reaction: SWREL performance

The shares of the company today saw an uptick.

The company stocks were trading at Rs 573 apiece by 1:19 pm IST, marking a 2.55 per cent rise during the trading hours.

The shares opened at Rs 565 apiece and surged to a high of Rs. 577.45 apiece during the trading hours.

The stocks reported a day’s low of Rs 555.15, in the intraday trading.

Over the past year, the shares of the company have reported significant movement, hitting a 52-week high of Rs 828 and a low of Rs 256.30.

SWREL is listed on both the BSE and the NSE and the company's current market cap stands at Rs 13,380 crore.

The allotment aligns with SEBI’s regulations, particularly under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, and has met all formal requirements, including a June 16, 2022, filing date for the ESOP with BSE and NSE, referencing filing numbers DCS/IPO/TL/ESOP-IP/2411/2022-23 and NSE/LIST/31446, added the company in the BSE filing.