Sterling And Wilson Launches QIP To Raise Rs 1,500 Crore

Sterling and Wilson Renewable Energy Ltd. has launched its qualified institutional placement to raise up to Rs 1,500 crore.

The company's board set the floor price for the issue at Rs 365.02 per share, a discount of 13.75% from its previous close of Rs 423.20 on the NSE.

Sterling and Wilson's board, in the meeting held on Sept. 27, approved raising up to Rs 1,500 crore.

The company informed that it may, at its discretion, offer a discount of not more than 5% on the floor price.

Shares of Sterling and Wilson Renewable Energy closed 5% higher at Rs 423.2 apiece on the NSE, as compared with a 0.13% advance in the benchmark Nifty 50.