In a significant financial move, Sterling and Wilson Renewable Energy raised Rs 1,500 crore through a Qualified Institutions Placement (QIP), reinforcing its position in the renewable energy sector. The company officially announced the completion of the QIP, highlighting the positive response from domestic mutual funds and prestigious global Foreign Institutional Investors (FIIs).
The Securities Issuance Committee of the Board of Directors, in a meeting held on December 14, approved the issue and allotment of 4,32,27,665 equity shares to eligible qualified institutional buyers. The shares were issued at the issue price of Rs 347 per equity share. This move has infused fresh capital into Sterling and Wilson Renewable Energy, amounting to Rs 1,500 crore, showcasing investor confidence in the company’s growth prospects.
Amit Jain, the Global CEO of Sterling and Wilson Renewable Energy, expressed his satisfaction with completing the QIP. He acknowledged the organization’s challenging nature of the past few months and emphasized that the QIP’s success marks a significant milestone in the company’s journey.
The majority of the proceeds from the QIP are earmarked for debt reduction, providing the company with additional capital to pursue opportunities in the rapidly expanding solar Engineering, Procurement, and Construction (EPC) markets in both India and abroad. This strategic allocation reflects Sterling and Wilson Renewable Energy’s commitment to strengthening its financial position and fostering growth.
The infusion of Rs 1,500 crore through the QIP fortifies Sterling and Wilson Renewable Energy’s financial foundation and positions the company as a key player in driving growth in the renewable energy sector. With a focus on solar EPC markets, the company is poised to contribute significantly to India’s renewable energy landscape and extend its influence globally.
Sterling and Wilson Renewable Energy’s triumphant QIP testament to its resilience, strategic vision, and the investor community’s confidence in its potential. As the renewable energy sector continues to evolve, Sterling and Wilson Renewable Energy are well-equipped to play a pivotal role in shaping its trajectory.
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