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Sterlite Tech tumbles 7% on profit booking; Co raises Rs 1,000 cr via QIP

On Tuesday, April 16, the stock price of Sterlite Technologies had jumped 9 per cent intraday trade

Sterlite Tech

SI Reporter New Delhi

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Shares of Sterlite Technologies tumbled 7.4 per cent to Rs 131.7 per share on the BSE in Thursday's intraday trade as investors booked profit post fund raise by the company. 

At 10:48 AM, Sterlite Technologies stock price was quoting 6 per cent lower at Rs 134 per share as against 0.05 per cent rise in the benchmark S&P BSE Sensex index. 

On Tuesday, April 16, the stock price of Sterlite Technologies had settled 6.7 per cent higher, after surging nearly 9 per cent in the intraday trade, after it informed the exchanges that it has raised Rs 1,000 crore by issuing equity to Qualified Institutional Investors (QIP).

Post the allotment, the paid-up equity share capital of the broadband technology company has increased to Rs 97.5 crore comprising 48.5 crore equity shares. 

"We have approved the issue and allotment of 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," it said.

STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. 

Earlier, on April 2, Sterlite Technologies announced that it has been awarded orders worth Rs 900 crore in FY24 to provide integrated optical solutions to the leading service providers in the country. 

"In the process, STL, through its advanced Optical solutions and Smart Fibre Deployment services, will support service providers in bringing high-speed connectivity to Indians in more than 20 states," it said in a statement.

With its Glass to Gigabit capability (starting from its own glass preform to optical connectivity products), Serlite Technolgies is well-positioned to cater to the needs of the Indian telecom industry. Its solid manufacturing base in India with six plants, R&D-led products like its flagship StellarTM fibre and high-fibre count Intermittently Bonded Ribbon (IBR) cable, and fibre deployment services are powering fibre-densification for use cases like 5G, IoT and AI, it said.

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First Published: Apr 18 2024 | 11:07 AM IST

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