Broadband technology company Sterlite Technologies has raised Rs 1,000 crore by issuing equity to qualified institutional placements (QIPs), including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund. The company gave this information on Tuesday.
Post the allotment, the paid-up equity share capital of Sterlite Technologies (STL) has increased to Rs 97.5 crore, consisting of 48.5 crore equity shares. “STL has raised Rs 1,000 crore through Qualified Institutional Placement (QIP),” the company said in a stock exchange filing.
Where will the company use the funds?
Ankit Aggarwal, Managing Director, STL, said that we are grateful to our investors for their continued support and belief in the growth potential of STL. The funds raised through QIP will be used to strengthen our balance sheet so that we can double down on our efforts to transform the lives of billions of people by connecting the world.
Let us tell you, Sterlite Technologies was established in July 2001. The company deals in the field of optical fiber cables and optical fibres. The company’s business is spread in India as well as abroad.
Trading in Sterlite Technologies shares
Shares of Sterlite Technologies have seen a rise on Tuesday. Till 1 pm it was trading at Rs 142 with a rise of 6.79 percent. The company’s income in the financial year 2022-23 was Rs 6,925 crore. During this period, Apni had made a profit of Rs 127 crore. At the same time, in the December quarter the company’s income was Rs 1,322 crore and the company had registered a loss of Rs 59 crore.
Latest Business News