12 Dec 2023 , 10:23 AM
Sterling and Wilson Renewable Energy Limited announced the launch of a Qualified Institutional Placement (QIP) issue on December 11.
The Securities Issuance Committee approved a floor price for the issue at Rs 365.02 per share, in accordance with the Securities and Exchange Board of India (SEBI) guidelines.
The global renewable engineering, procurement, and construction (EPC) solutions provider may consider offering a discount of up to 5 % on the floor price, with a meeting scheduled to determine the final issue price.
A Securities Committee meeting is set for December 14, 2023, to discuss the issue price and permissible discounts under SEBI-ICDR Regulations. The determination of the issue price will involve collaboration between the bank and the book-running lead managers for the QIP issue.
In the previous month, Sterling and Wilson Renewable Energy’s joint venture, Sun Africa LLC, secured a $2.2 billion order from the Nigerian government.
In the September 2023 quarter, the company’s consolidated net loss narrowed to Rs 54.51 crore, attributed to higher income, compared to a net loss of Rs 298.71 crore in the September 2022 quarter. Total income rose to Rs 776.73 crore from Rs 410.80 crore a year ago.
On December 11, the company’s stock settled at Rs 423.20 per share on the NSE, marking a 5 % increase (Rs 20.15) from the previous day’s close.
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