ICICI Securities and IIFL Capital have been appointed lead managers to the issue. The proceeds will primarily be used to fund the company's expansion, the people said.
Headquartered in Silvassa, Sterling Green assembles and distributes diesel generator sets with capacities ranging from 250 kilovolt-amperes (kVA) to 5,000 kVA. It operates across India, the Middle East, Africa, Australia and Malaysia, and plans to strengthen its global footprint by setting up a facility in Dubai in FY27 to serve customers in Europe and the US.
The company also plans to establish a manufacturing plant in Pune to meet rising domestic demand. It has earmarked capital expenditure of ₹90-100 crore over FY27 and FY28 for the expansion.
Queries sent to a Sterling & Wilson spokesperson did not elicit a response till press time.
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