Sterling and Wilson Renewable Energy locked in 5% upper circuit on fundraising via QIP

Shares of Sterling and Wilson Renewable Energy in Friday’s trade were locked in the 5 per cent upper circuit of Rs 445.3 per share on the BSE. This is also the stock’s fresh 52-week high price.

The gains in the renewable energy equipment and services company were spurred after it announced raising of Rs 1500 crore via Qualified Institutions Placement (QIP) route.

“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 Rs 1 face value each to eligible qualified institutional buyers at the issue price of Rs. 347/- per equity share (including the premium of Rs. 346/- per equity share),” said the company release. 

The Rs. 1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs, it added.

“Through this QIP, we are more strategically positioned to harness the immense potential of the renewable energy market, globally. As a company, we continue to stay committed to our vision of accelerating a renewable future by delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world. We look forward to spearheading the journey with continuous growth, innovation and creating shareholder value,” said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy.

The stock of Sterling and Wilson Renewable in a year’s time has leaped by 49 per cent. The stock hit its 52-week low  price of Rs 253 on October 19, 2023.

Sterling and Wilson Renewable Energy Limited (SWRE) is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of over 15 GWp (including projects commissioned and under various stages of construction).