Sterling and Wilson share price jumps 5% to hit 52-week high on raising ₹1,500 crore via QIP
₹1,500 crore through Qualified Institutions placement (QIP) route. Sterling and Wilson shares gained as much as 4.99% to a fresh 52-week high of ₹445.30 apiece on the BSE. Sterling and Wilson Renewable had, on December 11, launched a QIP issue worth ₹1,500 crore.
“The Securities Issuance Committee of Board of Directors at its meeting held on December 14th, 2023 approved the issue and allotment of 4,32,27,665 equity shares of face value Re 1/- each to eligible qualified institutional buyers at the issue price of Rs. 347 per equity share," the company said in a regulatory filing. The ₹1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs, it added.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) “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 ₹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," said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy.
In a separate filing on Thursday, Sterling and Wilson said it received the settlement amount of $30.54 million (~ ₹254.20 crore) (inclusive of reasonable share of legal fees) from Jinko Solar Co. Ltd. Sterling and Wilson share price has given decent returns this year.
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