Mumbai-based Sterling and Wilson Renewable Energy Ltd (SWRE) successfully raised ₹1,500 crore through a Qualified Institutions Placement (QIP) of equity shares, as per a regulatory filing.
The QIP involved the issuance of 43.2 million shares at an issue price of ₹347 per share, showing a robust response from domestic mutual funds and global FIIs.
The majority of the funds will be used to reduce debt and capitalize on the growing solar EPC markets in India and abroad.
SWRE’s unexecuted order book stood at ₹6,835 crore as of September 30. The company aims to leverage the QIP for global renewable energy market opportunities.