Sterling and Wilson Renewable Energy's shares surged to an all-time high after raising Rs. 1,500 crore through Qualified Institutions Placement (QIP)
Sterling and Wilson Renewable Energy witnessed a rise of more than 3 per cent in its shares, reaching a new record high on Friday during early trading. This surge followed the company's announcement on Thursday regarding the successful completion of a fundraise, securing Rs. 1,500 crore through the Qualified Institutions Placement (QIP) route.
On December 14, the Securities Issuance Committee of the Board of Directors approved the issuance and allocation of 4,32,27,665 equity shares with a face value of Re. 1/- each to eligible qualified institutional buyers. The issue price per equity share, inclusive of a premium of Rs. 346/- per equity share, was set at Rs. 347/-.
The Qualified Institutions Placement (QIP) of Rs. 1,500 crore received significant interest from both domestic mutual funds and Foreign Institutional Investors (FIIs).
As of 11:21 am, the shares of the primary solar EPC solutions provider were trading at the price level of Rs 435, reflecting a gain of 11 points or nearly 3 percent on the National Stock Exchange.
“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." Amit Jain, Global CEO, Sterling and Wilson Renewable Energy said in a statement.