Sterling and Wilson Renewable Energy has raised INR 1,500 crore through qualified institutions placement (QIP). The bulk of the proceeds will be used to pare debt.
The QIP involved the allotment of 43.2 million shares at an issue price of INR 347 per share, cumulatively amounting to INR 1,500 crore. There was a robust response from domestic mutual funds and prominent global FIIs. The issue price was at a discount of INR 18.02 per equity share, or 4.94%, to the floor price of INR 365.02.
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