Sterling and Wilson Renewable Energy Ltd announced this week the completion of a fund raise of INR 1,500 crore through Qualified Institutions placement (QIP) route.
The Securities Issuance Committee of the Board of Directors at its meeting held on December 14, 2023 approved the issue and allotment of 4,32,27,665 equity shares of face value INR 1 each to eligible qualified institutional buyers at the issue price of INR 347 per equity share (including the premium of INR 346 per equity share).
The INR 1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs. The bulk of the proceeds from the QIP will be used to repay debt.
Speaking on the overwhelming response, Amit Jain, Global CEO, Sterling and Wilson Renewable Energy, shared, “The successful completion of the QIP is a significant moment in our journey. The 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.”
Sterling and Wilson Renewable Energy’s unexecuted order book as of September 30, 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.
“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,” said Jain.
Sterling and Wilson Renewable Energy is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar, and hybrid and energy storage solutions and has a total portfolio of over 15 GWp (including projects commissioned and under various stages of construction). It also manages an operation and maintenance (O&M) portfolio of 6.4 GWp solar power projects, including for projects constructed by third parties. Present in 29 countries today, Sterling and Wilson Renewable Energy Limited has operations in India, South-east Asia, Middle East, Africa, Europe, Australia and the Americas.
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