Madhusudan Kela bought 21,61,384 shares and Sunil Singhania bought 44,68,228 shares of this civil construction company; scrip hit upper circuit & 52-week high!
As of September 30, 2023, the company's order book stands at Rs 6,835 crore.
Friday, December 15, 2023, saw the Indian stock market explode in green, with both the Sensex and Nifty reaching unprecedented highs. The Sensex shattered all records, closing at a dazzling 71,605.76, while the Nifty followed suit, hitting a new peak of 21,492.30.
Adding to the euphoria, a multibagger stock joined the party, further amplifying the bullish sentiment that painted the market green. It was a day etched in investor memory, marking a new chapter in Indian market history.
The stock name is Sterling and Wilson Renewable Energy Ltd.
On Friday, shares of the company hit a 5 per cent upper circuit to Rs 445.30 per share from its previous closing of Rs 424.10 per share with a spurt in volume by more than 2.54 times on BSE. The shares of the company also made a new 52-week high of Rs 445.30 per share.
The successful completion of a Rs 1,500 crore Qualified Institutions Placement (QIP) was the catalyst for the company's sudden stock price increase. The Securities Issuance Committee of the Board of Directors at its meeting, approved the issue and allotment of 4,32,27,665 equity shares of face value Rs 1 each to eligible qualified institutional buyers at the issue price of Rs 347 per equity share (including the premium of Rs 346 per equity share). The Rs. 1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs. The allocation of shares in the QIP followed the breakdown detailed in the table below:
|
Company Name
|
No. of shares allotted
|
% shares allotted to total Issue Size
|
|
Abakkus Asset Manager LLP
|
44,68,228
|
11.67
|
|
Authum Investment & Infrastructure Ltd
|
37,46,398
|
8.67
|
|
TROO Capital Ltd
|
37,46,398
|
8.67
|
|
BNP Paribas
|
28,81,845
|
6.67
|
|
East Bridge Capital Master Fund Ltd
|
28,81,845
|
6.67
|
|
Goldman Sachs Funds
|
28,81,845
|
6.67
|
|
IDFC Mutual Fund
|
23,05,476
|
5.33
|
|
Aditya Birla Sun Life Insurance Company Ltd
|
23,05,476
|
5.33
|
|
Cohesion MK Best Ideas Sub-Trust
|
18,73,199
|
4.33
|
|
Singularity Growth Opportunities Fund-I
|
2,88,185
|
0.67
|
Cohesion MK Best Ideas Sub-Trust & Singularity Growth Opportunities Fund-I represents a collaborative effort between Cohesion Investments and Madhusudan Kela. Simultaneously, the management of Asset Manager LLP falls under the purview of Sunil Singhania.
A stalwart in the realm of renewable energy, Sterling and Wilson Renewable Energy Ltd holds dual expertise: crafting solar power projects from scratch (engineering, procurement, construction) and ensuring their smooth operation over time (operation and maintenance). This powerhouse company not only leverages its prowess but also thrives under the robust support of Reliance Industries, a titan in the Indian industrial landscape. This potent combination fuels Sterling and Wilson's ascent as a global leader in harnessing the sun's power for sustainable progress.
The company has a market cap of over Rs 8,000 crore and as of September 30, 2023, its order book stands at Rs 6,835 crore. The stock is up by 75 per cent from its 52-week low of Rs 253.40 per share.
Do you own Sterling and Wilson Renewable Energy Ltd.’s stock in your portfolio? Do let us know in the comments below
Disclaimer: The article is for informational purposes only and not investment advice.
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