Sterlite Technologies raises Rs 1,000 crore through QIP; stock falls 3%

HDFC Mutual Fund emerged as the largest investor in the share sale, followed by Nippon Life India AMC, Goldman Sachs, and Bandhan Mutual Fund.

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Shares of Sterlite Technologies fell nearly 3.4 percent at open on the NSE on April 15 after the company announced that it had raised Rs 1,000 crore through a QIP. At 9:40 am, the stock was trading at Rs 132.50.

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In an exchange filing on April 13, Sterlite Technologies reported that it had raised the amount through a share sale to institutional investors.  The company is yet to disclose the reason for the fund raise. The board has now approved the issuance of 8.84 crore equity shares for Rs 113.05 per share, a 5 percent discount to the floor price of Rs 119 per share.

HDFC Mutual Fund emerged as the largest investor in the share sale, followed by Nippon Life India AMC, Goldman Sachs, and Bandhan Mutual Fund.

Also read: Sterlite Technologies raises Rs 1,000 crore through QIP

In February 2024, the company announced that it had entered into a strategic partnership with Lumos, a US-based company, to co-create fibre and optical connectivity solutions in the mid-Atlantic region. Through the partnership, Sterlite will offer advanced, purpose-engineered optical fiber cable designs amongst others. The stock has fallen around 17 percent in the last one year and around 9 percent in the last five years.

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