CNBC-TV18 newsbreak confirmed: Sterling & Wilson launches QIP, floor price set at ₹365.02 per share

The floor price for the shares has been set at ₹365.02. The funds raised through the QIP are earmarked for debt reduction, as confirmed by sources familiar with the matter.

Sources with knowledge of the matter told CNBC-TV18 that Sterling & Wilson Renewable Energy is likely to raise to ₹1,500 crore through the QIP.

Sterling & Wilson Renewables is in the process of finalising terms of a $2.2 billion order that its joint venture has been awarded by the Nigerian government.

CNBC-TV18 reported on November 22 that the unit along with the Nigerian Government have announced a collaboration to enhance the country’s power landscape, citing Nigeria’s power minister Adebayo Adelabu.

The renewable energy transformation project in Nigeria is expected to have four phases worth over $10 billion. Sterling and Wilson Renewable will be a contender for Phase 2 of the project as well. A backup / fail-over center in Nigeria is being planned for the second phase, sources said.

Aside from this order, Jinko Solar, a supplier to Sterling & Wilson shall pay ₹238 crore to the company in December 2023. Earlier this month, promoter entities also paid back dues worth ₹418 crore.

Shares of Sterling and Wilson Renewable Energy Ltd ended at ₹422.75, up by ₹20.10, or 4.99% on the BSE.