Sterlite Tech soars on launching QIP issue for equity shares; floor price set at Rs 119/share

Sterlite Technologies zoomed 13.08% to Rs 143.95 after the company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 119 per share.

The company's board approved the opening of the issue on Monday, 8 April 2023.

The floor price of Rs 119 is at a discount of 6.52% to Mondays closing price of Rs 127.30 on the BSE.

The company may offer a discount of not more than 5% on the floor price for the issue.

The issue price will be determined by the company in consultation with the book running lead manager appointed for the issue.

The company also informed that a meeting of the authorisation and allotment committee is scheduled to be held on Friday, 12 April 2024, to consider and approve the issue price of the equity shares.

Sterlite Technologies is a leading end-to-end solutions provider for global digital networks.

The firm had reported a consolidated net loss of Rs 57 crore in Q3 FY24 as against a net profit of Rs 51 crore recorded in Q3 FY23. Revenue from operations decreased 29.79% year on year (YoY) to Rs 1,322 crore in the quarter ended 31 December 2023.

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