Sterling and Wilson Raises ₹15 Billion Through Qualified Institutions Placement

The proceeds from the placement will be used to pare down debt

December 15, 2023


The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, completed ₹15 billion (~$180.03 million) fundraising through Qualified Institutions placement (QIP).

The company plans to utilize the funds to pare down debt and pursue the fast-growing EPC markets in India and abroad.

The securities issuance committee of the board of directors approved the issue and allotment of 43,227,665 equity shares of face value ₹1 (~$0.012) each to eligible, qualified institutional buyers at the issue price of ₹347 (~$4.16) per equity share, including the premium of ₹346 (~$4.15) per equity share.

The list of investors who were allotted more than 5% of the equity shares offered in the Issue include funds managed by Abakkus, Aryabhata Global Assets, Authum Investment And Infrastructure, Troo Capital, BNP Paribas, East Bridge Capital, Goldman Sachs, Bandhan Bank, Aditya Birla Sun Life Insurance, Cohesion Investments and Singularity Equity.

In September, the company received approval from its board of directors to raise ₹15 billion (~$180.38 million) through issuing various financial instruments.

“Through this QIP, we are more strategically positioned to harness the immense potential of the renewable energy market globally. The company’s unexecuted order book, as of September 30, 2023, remains healthy at ₹68.35 billion (~$820.3 million), aided by strong domestic EPC order inflows with a robust and growing bid pipeline in India and abroad. We remain well positioned to accelerate our growth,” said Amit Jain, Global CEO of Sterling and Wilson Renewable Energy.

The company stated that the QIP witnessed a strong response from both domestic mutual funds and foreign institutional investors.

Sterling and Wilson Renewable’s EPC service portfolio of 15 GW comprises commissioned and under-development utility-scale solar, floating solar, hybrid, and energy storage projects.

The company recently received a notification of award from NTPC Renewable Energy for the EPC of a 300 MW solar project at the Khavda Renewable Energy Park in Gujarat, with a total contract value, including operation and maintenance for three years, amounting to ₹15.35 billion ($184.8 million).

In addition, the company obtained a letter of intent from Gujarat Industries Power Company for the engineering, procurement, and construction of a 600 MW solar power project at Khavda Solar Park in September. The total contract value of the project, including taxes and duties, is approximately ₹11.3 billion (~$136.1 million).