Investor confidence soars in STL, raises INR 1000 Cr through QIP

STL [NSE: STLTECH], a leading optical and digital solutions company, today announced that it has raised INR 1000 Cr through a Qualified Institutional Placement (QIP) route. The entire process saw healthy participation by highly reputed global and Indian investors, which is a testament to their confidence in STL.

Investor confidence around the fundamental need for optical fibre across the world, STL's 30+ years of expertise, its solid customer credentials and its Glass to Gigabit capability have been some of the key factors behind the strong response to its QIP.

The Company approved the issue and allotment of 8.84 Cr Equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund, aggregating to INR 1000 Cr. Post the allotment, the paid-up equity share capital of the company has increased to INR 97.5 Cr, comprising 48.75 Cr equity shares.

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."

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 142.30 as compared to the previous close of Rs. 133.30. The total number of shares traded during the day was 737364 in over 7124 trades.

The stock hit an intraday high of Rs. 144.80 and intraday low of 132.00. The net turnover during the day was Rs. 104412657.00.

Source : Equity Bulls

Keywords

SterliteTechnologies INE089C01029 STLTECH FundRaising QIP