Broadband technology company Sterlite Technologies has raised Rs 1,000 crore by issuing equity to Qualified Institutional Investors (QIP) which includes HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, the company said in a regulatory filing on Tuesday.
Post the allotment, the paid-up equity share capital of Sterlite Technologies (STL) has increased to Rs 97.5 crore comprising 48.5 crore equity shares.
The company's board approved the issuance of 8.84 crore equity shares for Rs 113.05 per share, representing 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. Additionally, shares were allocated to an Alternative Investment Fund (AIF) named Volrado Venture Partners Fund.
Advertisement
"We are thankful to our investors for their continued support and for believing in the growth potential of STL. The money raised through QIP will be utilised towards strengthening our balance sheet so that we double down on our purpose of transforming billions of lives by connecting the world," STL, managing director Ankit Agarwal said.
Just one email a week