Shares of Sterling and Wilson hit a 52-week high of Rs 444.35 on 12 December after the company announced the launch of its qualified institutional placement (QIP) issue.

The company’s Securities Issuance Committee approved a floor price for the QIP at Rs 365.02 apiece after the calculation was prescribed by the Securities and Exchange Board of India. Through this QIP, the company is planning to raise Rs 1,500 crore.

In its regulatory filing on 11 December, the company said that the securities committee is scheduled to meet on 14 December to consider and approve the issue price of the equity shares to be issued under the QIP for the claims that have to be allotted to the qualified institutional buyers.

The exchange filing also highlighted that the issue price of the QIP will be a joint effort between the bank and the book-running lead managers appointed for the QIP issue.

In its quarterly report for July-September, the company’s consolidated net loss narrowed to Rs 54.51 crore during the quarter from the net loss of Rs 298.71 crore reported in the same quarter last year, on the back of high income.

The company’s total revenue during the quarter stood at Rs 776.73 crore, which is a significant increase from Rs 410.80 crore reported in the same quarter last year.

The company is a global renewable energy company that specialises in designing, constructing and operating solar projects. Over the past decade, the company has expanded its operation globally in various segments such as data centres, MEP-IEPC (Mechanical, Electrical, Plumbing – Infrastructure, Energy, Procurement, and Construction), renewable energy, transmission and distribution, E-Mobility, and sterling generator.

At 1:32 pm, Sterling and Wilson’s shares shed all their early gains and were trading 1.47% lower at Rs 417 on NSE.