Shares of Sterling and Wilson Renewable Energy jumped over 4 percent to hit fresh 52-week high on December 15 as the company raised Rs 1,500 crore through the Qualified Institutions placement (QIP) route. The QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs, the company said in a regulatory filing.

The Securities Issuance Committee of the board of directors approved the issue and allotment of 4.32 crore equity shares of face value Re 1 each to eligible qualified institutional buyers at the issue price of Rs 347 per equity share on December 14.

At 9:20 am, Sterling and Wilson Renewable Energy shares were trading 3.6 percent higher at Rs 439.55 on the National Stock Exchange (NSE).

The bulk of the proceeds from the QIP will be used to pare down debt furthermore providing the company capital to pursue the fast-growing solar EPC markets in India and abroad, said Global CEO Amit Jain

"The company’s unexecuted order book as of September 30, 2023, continues to remain healthy at Rs 6,835 crore aided by strong domestic EPC order inflows with a robust and growing bid pipeline in both India and abroad. We remain well-positioned to accelerate our growth. Through this QIP, we are more strategically positioned to harness the immense potential of renewable energy market, globally," Jain added.

In the previous session, shares of Sterling and Wilson Renewable Energy closed marginally lower at Rs 422.80 on the National Stock Exchange (NSE). So far this year, the stock has rallied 56.5 percent, outperforming benchmark Nifty 50 which has risen over 16 percent during this period.

Sterling and Wilson Renewable Energy Ltd is a renewable engineering, procurement, and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar, and hybrid & energy storage solutions.

The company also manages an operation and maintenance (O&M) portfolio for solar power projects, including projects constructed by third parties.