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Sterling and Wilson Solar raises Rs 1,406 crore from anchor investors

PTI New Delhi
Updated: 05-08-2019 20:39 IST
Sterling and Wilson Solar raises Rs 1,406 crore from anchor investors

Initial public offering (IPO)-bound Sterling and Wilson Solar Ltd on Monday said it has raised Rs 1,406 crore from 27 anchor investors by allotting 1,80,28,846 equity shares at the upper band price of Rs 780 ahead of its initial issue that opens on August 6. Among the 27 anchor investors, leading investors include Nomura India Investment Fund, Schroder International, and Abu Dhabi Investment Authority who have been allocated 16 per cent, 12.24 per cent and 8.82 per cent, respectively, of the total anchor book size, the firm said in a statement.

On August 1, Sterling said it will hit the bourses with its IPO to raise around Rs 3,125 crore on August 6. The issue, which will close on August 8, comprises an offer for sale by promoters Shapoorji Pallonji and the company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.

Price band for the offer has been fixed at Rs 775-780 per share, according to a statement by the company . The portion of the net proceeds will be utilised towards funding full repayment of the loans, the firm said.

ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and YES Securities India will manage the offer. Shares of Sterling and Wilson, a solar engineering, procurement and construction (EPC) solutions provider, are proposed to be listed on the BSE and the NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)