Sterling and Wilson Renewable Energy Ltd (SWRE) announced on Friday that its Board of Directors will meet next week to consider a proposal for raising funds on a private placement basis.
The Shapoorji Pallonji Group company has informed the bourses that its Board of Directors will meet on Wednesday, September 27, 2023, to consider and evaluate proposals to raise funds by issuance of securities.
The securities will include bonds, debentures, equity shares, non-convertible debt instruments or any other securities via preferential issue on a private placement basis, rights issue, qualified institutions placement, or any other method.
The results of the Board meeting scheduled for next week will be subject to necessary statutory or regulatory approvals, along with approvals required from the shareholders of the company.
Sterling and Wilson Renewable Energy has also announced that it will close its trading window for dealing in the company’s securities by the Designated Persons and their immediate relatives from September 23, 2023, until two days after the board meeting.
Sterling and Wilson Renewable Energy posted a consolidated net loss of Rs 95.47 crore in the quarter ended June 30, 2023.
Its net sales declined 57.33 percent to Rs 514.96 crore in the June 2023 quarter from Rs 1,206.93 crore in the corresponding quarter of the previous fiscal year.
Shares of the company ended 1.46 percent lower at Rs 358.50 per piece on the BSE in Friday’s trade. The stock has surged more than 33 percent so far this year and over 20 percent in the past three months.
(Edited by : Asmita Pant)
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