Sterling and Wilson Renewable Energy. Ltd. (SWRE), 40% owned by Reliance Industries Ltd.’s subsidiary Reliance New Energy, has raised ₹1,500 crore by means of Qualified Institution Placement (QIP) route.
The Board of Directors, at its assembly held on December 14, authorized the difficulty and allotment of 4,32,27,665 fairness shares of face worth ₹ 1 every to eligible certified institutional patrons at a problem worth of ₹347 per fairness share (together with a premium of ₹346 per fairness share).
“The ₹1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs,” the corporate mentioned in an announcement.
Amit Jain, Global CEO, Sterling and Wilson Renewable Energy mentioned “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.”
“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 30, 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,” he added.
