Sterling and Wilson shares gain ahead of Sept 27 board to meet on fund raising

Stocks of Sterling and Wilson Renewable Energy will be in focus this week as the renewable energy company is set to hold a meeting on September 27 to raise funds through non-convertible debt instruments or equity shares. On September 25, the shares opened at Rs 362 on the NSE, 0.88 percent higher than its last close.

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According to a regulatory filing on September 22, the fund raising will be either through preferential issue on a private placement basis, qualified institutions placement, or rights issue.

On September 5, according to a regulatory disclosure with the NSE, the renewable energy company said that credit rating agency ICRA had downgraded Sterling and Wilson Renewable Energy’s long-term issuer rating to ‘IND BB-’ from ‘IND BBB-’ while revising the rating watch to ‘negative implications’ from ‘developing implications’.

According to the agency report, the downgrade was due to poor liquidity indicators during Q1FY24, possibility of weak credit metrics during the fiscal and weak operating performance during FY23. On the other hand, the note added that there were some signs of recovery in 1QFY24.

Also read: Nuvama retains buy rating on Sterling and Wilson with target price of Rs 454

Sterling and Wilson Renewable Energy is a MEP and EPC contractor company for power, solar energy, data center, diesel generator sets, cogeneration plants, buildings, etc.

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