Sterling and Wilson Renewable Energy successfully garnered Rs 1,500 crore through a share issuance to qualified institutional investors, according to an official statement. The Securities Issuance Committee of the Board of Directors, in a meeting on December 14, sanctioned the allocation of 4,32,27,665 equity shares at a price of Rs 347 per share to eligible qualified institutional buyers.

The Qualified Institutions Placement (QIP) saw substantial interest from domestic mutual funds and prominent global Foreign Institutional Investors (FIIs), as noted by Sterling and Wilson Renewable Energy Ltd. Global CEO Amit Jain expressed satisfaction, stating, "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."

The majority of the funds raised through the QIP will be utilised to reduce debt, providing additional capital to tap into the rapidly expanding solar Engineering, Procurement, and Construction (EPC) markets in India and internationally, added Jain.

As of September 30th, 2023, the company's unexecuted order book stands strong at Rs 6,835 crore, driven by robust domestic EPC order inflows and a thriving bid pipeline both in India and abroad.

Jain emphasised, "We remain well positioned to accelerate our growth." He further highlighted that the QIP strategically positions the company to leverage the vast potential of the global renewable energy market.