Sterling and Wilson Renewable Energy Limited (SWREL) announced that it has raised Rs 15 billion through qualified institutions placement (QIP) route. On December 14, 2023, the Securities Issuance Committee of the board of directors approved the issue and the allocation of 43,227,665 equity shares with a face value of Re 1 each to qualified institutional buyers who meet the eligibility requirements. The equity shares were issued at Rs 347 per equity share, which included a premium of Rs 346 per equity share.
The QIP of Rs 15 billion received significant interest from both domestic mutual funds and prominent global Foreign Institutional Investors. The majority of the funds raised through the QIP will be utilised for debt repayment.
As of September 30, 2023, the company had a healthy unexecuted order book of Rs 68.35 billion. This is due in part to strong inflows of domestic engineering, procurement, and construction (EPC) orders and a strong and expanding pipeline of bids from both domestic and foreign sources.
In October 2023, SWREL announced that it bagged an EPC order to establish a 300 MW solar project at Khavda park in Gujarat.
In August 2023, SWREL announced that it has received a letter of award to build a 600 MW AC (750 MW DC) solar project at Khavda, Gujarat.