Sterling and Wilson Solar Secures Rs 1,406 Crores from Anchor Investors

Sterling and Wilson Solar Ltd has announced that it has raised Rs 1,406 crore from 27 anchor investors by allocating 1,80,28,846 equity shares at the upper band price of Rs 780 ahead of its preliminary issue that opens on August 6. Among the 27 anchor investors, prominent investors include Nomura India Investment Fund, Schroder International, and Abu Dhabi Investment Authority who have been assigned 16 per cent, 12.24 per cent and 8.82 per cent, respectively, of the total anchor book size, the firm said in a declaration.

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 earnings will be utilized 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.