STL raises INR 1500 Cr through Qualified Institutions Placement

STL [NSE: STLTECH], a leading optical connectivity solutions company, announced that it has raised INR 1500 Cr 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 robust response underscores investor confidence in STL's 30+ years of experience in manufacturing quality optical connectivity products using , its vertically integrated "Glass to Terabit" capability, and the growing global demand for optical connectivity products driven by digital infrastructure buildouts by AI data centers, telecom players and large scale government programs.

The Company has allotted 2.57 crore equity shares to qualified institutional buyers, aggregating to INR 1,500 crore. Following the allotment, STL's paid-up equity share capital stands increased to INR 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.

Ankit Agarwal, Managing Director, STL, said: "We are thankful to our investors for their continued support. This capital raise reflects the trust our investors place in STL's vision and execution. We will deploy these funds to strengthen our balance sheet, pursue the next phase of our growth journey and accelerate our mission of transforming billions of lives by connecting the world."

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 576.20 as compared to the previous close of Rs. 562.25. The total number of shares traded during the day was 214323 in over 2753 trades.

The stock hit an intraday high of Rs. 587.40 and intraday low of 534.15. The net turnover during the day was Rs. 118737284.00.

Source : Equity Bulls

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SterliteTechnologies INE089C01029 FundRaising QIP