Sterlite Technologies secures ₹1,000 Crore via QIP

16 Apr 2024 , 01:49 PM

According to the firm on Tuesday, Sterlite Technologies, a provider of broadband technology, has funded ₹1,000 Crore by offering stock to Qualified Institutional Investors (QIP), which include HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund.

Following the allocation, Sterlite Technologies’ (STL) paid-up equity share capital climbed to ₹97.5 Crore, which is made up of 48.5 Crore equity shares.

In a regulatory filing, the business stated, “STL has raised INR 1,000 Crore through a Qualified Institutional Placement (QIP) route.”

A total of ₹1,000 Crore worth of equity shares, including those from HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, were approved for issuance and allocation by the business.

“We appreciate our investors’ unwavering commitment to us and their faith in STL’s ability to expand. Ankit Agarwal, managing director of STL, stated, “We will double down on our mission of transforming billions of lives by connecting the world by using the money raised through QIP to strengthen our balance sheet.”

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