Sterling and Wilson share price spikes after launching QIP

Share price of Sterling and Wilson Renewable Energy Limited hit 5 percent upper circuit in the morning session on December 12. The company’s announcement of a qualified institutional placement (QIP) issue.

However, at 09:45 AM, the stock slipped lower and was trading at Rs 437.45 per share on NSE, up Rs 14.25 or 3.37 percent.437.45

The Securities Issuance Committee approved a floor price for the issue at Rs 365.02 apiece. It is following the calculation prescribed by the Securities and Exchange Board of India, the company said in an exchange filing on December 11.

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A meeting will take place on December 14 concerning the issue price and permissible discounts under the SEBI-ICDR Regulations. The filing added that the bank and the book-running lead managers appointed for the QIP issue will jointly determine the issue price.

Sterling and Wilson Renewable Energy (SWRE) is a global renewable energy company. It specializes in the design, construction, and operation of solar power projects. 

Over the past decade, the group has expanded its operations globally, encompassing areas such as data centres, renewable energy, MEP-IEPC (Mechanical, Electrical, Plumbing – Infrastructure, Energy, Procurement, and Construction), transmission and distribution, sterling generator, and E-Mobility.

In the September 2023 quarter, Sterling and Wilson Renewable Energy’s consolidated net loss narrowed to Rs 54.51 crore due to higher income. It had clocked a net loss of Rs 298.71 crore during the September 2022 quarter. The company’s total income rose Rs 776.73 crore from Rs 410.80 crore a year ago.

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