Sterling and Wilson Renewable Energy raises Rs 1,500 crore through QIP
Sterling and Wilson Renewable Energy Ltd (SWREL) has raised Rs 1,500 crore through the Qualified Institutions Placement (QIP) route from domestic mutual funds and marquee global investors.
The company will allot 43.23 million shares at Rs 347 per share to the investors, it said in a statement.
“The last couple of months have been challenging for us as an organisation and the successful completion of the QIP is a significant moment in our journey. A bulk of the proceeds from the QIP will be used to pare down the debt more, providing us capital to pursue the fast-growing solar engineering, procurement and construction (EPC) markets in India and abroad,” SWREL Global CEO Amit Jain said.
