Sterlite Tech spurts on raising Rs 1,000 cr through QIP

Sterlite Technologies rallied 6.19% to Rs 141.55 after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.

The company has allotted 8.84 crore equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund, aggregating to Rs 1,000 crore. Post the allotment, the paid-up equity share capital of the company has increased to Rs 97.5 crore, comprising 48.75 crore equity shares.

The entire process saw healthy participation by highly reputed global and Indian investors, which is a testament to their confidence in STL.

The company said that investor confidence around the fundamental need for optical fibre across the world, its 30 years of expertise, solid customer credentials and its Glass to Gigabit capability have been some of the key factors behind the strong response to its QIP.

Ankit Agarwal, managing director, STL, said We are thankful to our investors for their continued support and for believing in the growth potential of STL. The money raised through QIP will be utilised towards strengthening our balance sheet so that we double down on our purpose of transforming billions of lives by connecting the world.

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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