 "renewable energy")
Sterling and Wilson Renewable Energy Limited (SWRE) raised Rs 1,500 crore through the qualified institutions placement (QIP) route on Thursday, the company announced in a regulatory filing. The QIP garnered a robust response from both domestic mutual funds and prominent global foreign institutional investors (FIIs).
The securities issuance committee of the board of directors approved the issue and allotment of 43,227,665 equity shares to eligible qualified institutional buyers at the issue price of Rs 347 per equity share, including a premium of Rs 346 per equity share.
Amit Jain, the global CEO of SWRE, highlighted the QIP's importance in the company's journey, emphasising that a significant portion of the proceeds will be utilised to reduce debt and capitalise on the burgeoning solar engineering, procurement, and construction (EPC) markets in India and overseas.
As of September 30th, 2023, the company's unexecuted order book stands at Rs 6,835 crore, supported by strong domestic EPC order inflows and a promising bid pipeline in India and abroad. Jain affirmed the company's strategic position for growth, stating, "We remain well positioned to accelerate our growth."
The QIP strategically positions Sterling and Wilson Renewable Energy to tap into the vast potential of the global renewable energy market. Jain reinforced the company's commitment to its vision of accelerating a renewable future by delivering high-quality solutions that drive sustainability and positive global impact.
"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 organisation and the successful completion of the QIP is a significant moment in our journey," the global CEO added.
In October, India Ratings had downgraded the firm's bank facilities from "BB-" to "D" after delays in servicing its debt obligations in September 2023, highlighting concerns with the SWRE's operating cash flows. Following this announcement, SWRE shares jumped four per cent, hitting a fresh 52-week high on Friday.
