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.
“Through this QIP, we are more strategically positioned to harness the immense potential of the renewable energy market, globally,” he added.
As of September 30, SWREL had an order book of Rs 6,835 crore, aided by strong domestic EPC order inflows with a robust and growing bid pipeline in both India and abroad.
SWREL is a provider of EPC services for renewable energy and has a total portfolio of over 15 GW, including those under various stages of construction.