Shares of Sterling and Wilson hit a 52-week high of Rs 445.30 on 15 December after the company announced raising Rs 1,500 crore through Qualified Institutional Placement (QIP) and receiving a settlement amount from Jinko Solar CO.

In a statement, the company said they had received Rs 254.20 crore ($30.54 million), including a reasonable share of legal fees from Jinko Solar Co. Ltd.

On 11 December, the company announced the launch of a QIP issue. On 14 December, they announced the completion of fundraising of Rs 1,500 crore through QIP.

Amit Jain, Global CEO of Sterling and Wilson Renewable Energy, said, “Bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad. The company’s unexecuted order book as of 30 September, 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.”

In November, the company’s JV, Sun Africa LLC, secured a $2.2 billion order from the Nigerian government.

The Joint Venture (JV) of Sterling and Wilson Renewable will construct a 961 megawatt peak of Solar photovoltaic generation infrastructure and 455 megawatt-hours of battery energy for Nigeria.

In its quarterly reports for July-September, the company’s net loss narrowed to Rs 54.51 crore during the quarter from Rs 298.71 crore net loss reported in the same quarter last year.

At 3:30 pm, the shares of Sterling and Wilson closed 0.45% higher at Rs 426 on NSE.