Sterling and Wilson launches QIP to raise Rs 1500 crore, sets floor price of Rs 365.02

Sterling and Wilson Renewable Energy launched its Qualified Institutional Placement (QIP) on Monday, December 11. The Securities Issuance Committee, in accordance with Securities and Exchange Board of India (SEBI) guidelines, approved a floor price of Rs 365.02 per share for the issuance.

The global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider also announced its consideration to offer a potential discount of up to 5% on the floor price. A crucial meeting, scheduled for December 14, 2023, will play a pivotal role in determining the final issue price of the equity shares.

In a notable development last month, Sterling and Wilson Renewable Energy secured significant attention by reportedly entering into a joint venture with Sun Africa LLC. This venture successfully secured a substantial $2.2 billion order from the Nigerian government, underlining the company’s prowess in the renewable energy sector.

As Sterling and Wilson Renewable Energy takes strategic steps to reinforce its financial position through the QIP, industry observers keenly await the outcome of the upcoming meeting to ascertain the issue price and potential discounts in alignment with regulatory frameworks.