Sterling and Wilson Renewable Energy has announced the completion of a fundraise of ₹1,500 crore through Qualified Institutions placement (QIP) route.
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 of face value ₹1 each to eligible qualified institutional buyers at the issue price of ₹347 per equity share (including the premium of ₹346 per equity share).
The ₹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, said, “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 30 continues to remain healthy at ₹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.”