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The issue opened on 11 December 2023 and concluded on 14 November 2023, with a total of 4,32,27,665 equity shares being allotted. The shares were priced at Rs 346 per share, resulting in an issue size of approximately Rs 1,500 crore.
The issue price of Rs 346 is at a discount of Rs 18.02 or 4.94%, to the floor price of Rs 365.02 per equity share set for the QIP issue.
The QIP witnessed participation from various institutional investors, with the top five allottees receiving more than 5% of the total issue size.
Abakkus - emerged as the largest allottee, securing a substantial 11.67% allocation. Following closely behind, Authum Investment And Infrastructure and Troo Capital secured a notable 8.67% allocation, and BNP Paribas Fund, East Bridge Capital Master Fund and Goldman Sachs Funds, received allocations of 6.67%.
Bandhan Sterling Value Fund secured a notable 5.33% allocation and Aditya Birla Sun Life Insurance Company, received allocations of 5.33%.
Amit Jain, Global CEO, Sterling and Wilson Renewable Energy said, “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 30 September 2023, continues to remain healthy at Rs 6,835 crore aided by strong domestic EPC order inflows with a robust and growing bid pipeline in both India and abroad. We remain well positioned to accelerate our growth. Through this QIP, we are more strategically positioned to harness the immense potential of 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.”
Sterling and Wilson Renewable Energy is one of the largest non-original equipment manufacturers and solar EPC player globally with a diversified presence across geographies.
The company consolidated net loss narrowed to Rs 54.24 crore in Q2 FY24 as against Rs 296.95 crore recorded in Q2 FY23. Net sales soared 142.9% to Rs 759.52 crore in Q2 FY24 as against Rs 312.69 crore recorded in Q2 FY23.
The scrip hit a 52-week high at Rs 445.30 in today’s intraday session.
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