Sterling and Wilson Renewable Energy Limited (SWRE) has, on Thursday, December 14th, 2023, announced the completion of a fundraise of Rs. 1,500 crore through Qualified Institutions placement (QIP) route, the company announced through an exchange filing.
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 Rs 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.
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."
Sterling and Wilson Renewable Energy Limited shares
The shares of Sterling and Wilson Renewable Energy Limited on Friday at 10:34 am IST were trading at Rs 436.70, up by 2.97 per cent.