Sterlite Technologies shares gained as much as 9% in Tuesday’s intraday session after the company announced raising ₹1,000 Crore through a QIP.
At around 11.14 AM, Sterlite Technologies was trading 6.90% higher at ₹142.50, against the previous close of ₹133.30 on NSE. The counter rose to an intraday high of ₹144.50.
In an exchange filing on April 13, Sterlite Technologies stated that the funds were generated through a share sale to institutional investors. The corporation is yet to explain the rationale for raising funds.
The board has approved the issuance of 8.84 crore equity shares at ₹113.05 each, indicating a 5% decrease from the floor price of ₹119.
HDFC Mutual Fund was the largest investor in the share sale, followed by Nippon Life India AMC, Goldman Sachs, and Bandhan Mutual Fund.
In February 2024, the firm announced a strategic agreement with Lumos, a US-based company, to develop fibre and optical connection solutions in the mid-Atlantic area. Sterlite will supply innovative, purpose-engineered optical fibre cable designs as part of the agreement, among other things. The stock has dropped around 17% in the previous year and about 9% over the last five years.
STL is a global leader in optical and digital solutions, delivering cutting-edge solutions for 5G, rural, FTTx, enterprise, and data centre networks. The firm creates and manufactures across four continents for clients in over 100 countries, inspired by its mission of 'Transforming Billions of Lives by Connecting the World'.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.