Sterlite Technologies jumps on fund-raising plan

Sterlite Technologies rose 3.41% to Rs 328.90 at 11:14 IST on BSE after the company said its board will meet on 25 April 2018 to consider raising funds through issue of securities.

The announcement was made after market hours yesterday, 16 April 2018.

Meanwhile, the S&P BSE Sensex was up 36.93 points, or 0.11% to 34,342.36.

On the BSE, 2.05 lakh shares were traded in the counter so far compared with average daily volumes of 2.10 lakh shares in the past two weeks. The stock had hit a high of Rs 333.95 and a low of Rs 319 so far during the day. The stock hit a record high of Rs 414.50 on 24 January 2018. The stock hit a 52-week low of Rs 136.65 on 19 April 2017.

Sterlite Technologies said its board will meet on 25 April 2018 to consider approval of raising funds by issue of equity shares or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American depository receipts/global depository receipts/foreign currency convertible bonds, qualified institutions placement, preferential issue or any other method as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including approval of the notice for the general meeting for obtaining the shareholders' approval in this regard.

The board will also consider offering or inviting subscription of non-convertible debentures on private placement basis.

Further, the board will also consider audited financial results of the company for the year ended 31 March 2018.

On a consolidated basis, net profit of Sterlite Technologies rose 87.13% to Rs 99.20 crore on 23.90% rise in net sales to Rs 835.18 crore in Q3 December 2017 over Q3 December 2016.

Sterlite Technologies designs, builds and manages smarter digital networks. It has manufacturing facilities in India, China & Brazil and two software delivery centres in India. Projects undertaken by the company include intrusion-proof smarter data network for the armed forces, rural broadband for BharatNet, smart cities development, and establishing high-speed Fibre-to-the-Home (FTTH) networks.

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