Sterling & Wilson shares hit 52-week high on raising Rs 1,500 crore via QIP

The settlement amount of USD 30.54 million (~Rs 254.20 crore) (inclusive of reasonable share of legal fees) has been received from Jinko Solar Co. Ltd, company said in its release.

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Sterling & Wilson Renewable share price rose 3 percent to hit 52-week high of Rs 445.30 in the early trade on December 15 as the company received a settlement amount from Jinko Solar Co and raising Rs 1,500 crore via QIP.

At 09:19 am, Sterling and Wilson Renewable Energy was quoting at Rs 438.00, up Rs 13.90, or 3.28 percent on the BSE.

The settlement amount of USD 30.54 million (~Rs 254.20 crore) (inclusive of reasonable share of legal fees) has been received from Jinko Solar Co. Ltd, the company said in a press release.

In the month of November, Sterling and Wilson JV won a USD 2.2 billion order from the Nigerian government, according a CNBC-TV18 report.

Sun Africa LLC, a joint venture of Sterling and Wilson Renewable will develop 961 MWp of Solar PV generation infrastructure and 455 MWh of battery energy for Nigeria. CNBC-TV18 reported that Sterling and Wilson would get $1.5-2 billion from the $2.2 billion order.

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In its September quarterly results, the company’s net loss declined to Rs 54.51 crore from Rs 298.71 crore in the previous year. Its total income rose to Rs 776.73 crore from Rs 410.80 crore a year ago.

On December 11, the company announced the launch of a qualified institutional placement (QIP) issue.

On December 14, the company announced the completion of a fundraise of Rs 1,500 crore through Qualified Institutions placement (QIP) route.

“The Securities Issuance Committee of Board of Directors at its meeting held on December 14, 2023 approved the issue and allotment of 4,32,27,665 equity shares of face value Re 1 each to eligible qualified institutional buyers at the issue price of Rs 347 per equity share (including the premium of Rs 346 per equity share),” company 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 September 30th , 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,” said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy.

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