Sterling and Wilson Renewable Energy Limited’s rose 2.81 per cent after the company reported raising ₹1,500 crore through a Qualified Institutions Placement (QIP). The Securities Issuance Committee of the Board of Directors approved the issuance and allotment of 4,32,27,665 equity shares to eligible qualified institutional buyers at an issue price of ₹347 per equity share, including a premium of ₹346 per equity share.
The QIP garnered strong interest from both domestic mutual funds and marquee global FIIs. The proceeds will primarily be utilized to reduce debt and capitalize on solar EPC opportunities in India and abroad. The unexecuted order book as of September 30th, 2023, stands at ₹6,835 crore.
The shares increased 2.81 per cent to ₹436 at 9.56 am on the BSE.