Sterlite Technologies Ltd board approves rights issue

The Board of Directors of Sterlite Technologies Limited (the "Company"), at its meeting held today i.e. on January 27, 2023, has approved, the proposal of fund raising upto INR 500 Crores through the issuance of such number of fully paid-up equity shares / partly paid-up equity shares of face value of ₹2 each as may be decided by the Board or the duly authorised Rights Issue Committee of the Board, by way of a rights issue to the existing shareholders of the Company whose name appears on the register of members of the Company or on the list of depositories as beneficial owners at the end of the business hours on such date as may be hereafter fixed by the Board as of the record date ("Eligible Equity Shareholders"), or to such person or persons who may or may not be an Eligible Equity Shareholder of the Company in whose favour the rights may be renounced (in full or in part) by respective Eligible Equity Shareholders or in whose favour the Board may, in its discretion, allot Equity Shares in the rights issue.

For the purposes of giving effect to the rights issue, the detailed terms in relation to the rights issue, including but not limited to the issue price, issue structure, rights entitlement ratio, record date, timing and terms of payment will be determined and disclosed to the exchange in due course by the Board and / or the Rights Issue Committee.

The promoter and promoter group of the Company have confirmed that they will subscribe to the full extent of their aggregate rights entitlement.

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 179.55 as compared to the previous close of Rs. 181.25. The total number of shares traded during the day was 103222 in over 2212 trades.

The stock hit an intraday high of Rs. 182.10 and intraday low of 176.35. The net turnover during the day was Rs. 18509883.00.

Source : Equity Bulls

Keywords

SterliteTechnologies INE089C01029 RightsIssue FundRaising