Sterlite Technologies (STL) has raised Rs 1500 crore through a Qualified Institutions Placement (QIP). The entire process saw participation by reputed domestic and global investors including Motilal Oswal, Nomura, HSBC, Bank of India, Oxbow, Think Investments, Bandhan and Manulife, among others.
The company has allotted 2.57 crore equity shares to qualified institutional buyers, aggregating to Rs 1,500 crore. Following the allotment, STL's paid-up equity share capital stands increased to Rs 102.78 crore, comprising 51.39 crore equity shares. The proceeds from the QIP will be primarily utilized to substantially de-leverage the company's balance sheet, significantly enhancing financial strength while creating a robust platform to fund the next phase of STL's growth.
Sterlite Technologies is one of the industry's leading integrators of digital networks providing All-in 5G solutions.
