Sterling & Wilson may launch 1,500 crore QIP by next week: Exclusive
Sterling & Wilson QIP is likely to be launched as early as next week, sources said. The proceeds from the issue are likely to be utilised in the repayment of the company's debt.
Sterling & Wilson Renewable Energy Ltd., a company in which Reliance New Energy owns 40% stake, is likely to launch a Qualified Institutional Placement (QIP) to raise up to ₹1,500 crore, sources with knowledge of the matter told CNBC-TV18.
The QIP is likely to be launched as early as next week, sources said. The proceeds from the issue are likely to be utilised in the repayment of the company's debt.
CNBC-TV18 has written to the company in this regard and is awaiting a response.
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 had 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 contendor 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 of 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 & Wilson are locked in an upper circuit of 5% at ₹388.25.
(Edited by : Hormaz Fatakia)
First Published: Dec 6, 2023 12:25 PM IST
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