Sterlite Technologies Raises Rs 1,500 Cr via QIP

New Delhi, Jul 6 (PTI) Broadband technology company Sterlite Technologies Ltd has raised Rs 1,500 crore through a qualified institutional placement to primarily de-leverage debt and pursue the next phase of growth, the company said on Monday.

The company allotted 2.57 crore equity shares to qualified institutional buyers, aggregating to Rs 1,500 crore. Following the allotment, STL's paid-up equity share capital increased to Rs 102.78 crore, comprising 51.39 crore equity shares, the company said in a statement.

The QIP saw participation from both domestic and global investors, including Motilal Oswal, Nomura, HSBC and Oxbow, among others.


"STL…has raised Rs 1,500 crore 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 company said.

The proceeds from the QIP will be primarily utilised 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, the statement added.

"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," STL managing director Ankit Agarwal said.