Sterling and Wilson Renewable Energy Limited on December 11 announced the launch of a qualified institutional placement (QIP) issue.
The Securities Issuance Committee approved a floor price for the issue at Rs 365.02 per share following the calculation prescribed by the Securities and Exchange Board of India, the company said.
Additionally, the global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider may consider offering a discount of up to 5 percent on the floor price. A meeting is scheduled to determine the issue price of the equity shares, it stated.
Sterling and Wilson Renewable Energy mentioned that a meeting of the Securities Committee is scheduled for December 14, 2023. During this meeting, discussions will be held regarding the issue price and any permissible discounts under the SEBI-ICDR Regulations. Additionally, it was highlighted that the determination of the issue price will be a joint effort between the bank and the book-running lead managers appointed for the QIP issue.
Last month, Sterling and Wilson Renewable Energy made headlines with reports indicating that a joint venture involving Sterling and Wilson, Sun Africa LLC, secured a $2.2 billion order from the Nigerian government.
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.
In the trading session on December 11, the scrip settled at Rs 423.20 apiece at the NSE, which was 5 percent higher (or Rs 20.15) than the previous day's close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
