STL raises ₹1,500 crore via QIP to improve financials, drive growth

NEW DELHI: Sterlite Technologies (STL) on Monday said it has raised ₹1,500 crore through a qualified institutional placement (QIP), which saw the participation of domestic and global investors, including Motilal Oswal, Nomura, HSBC, Bank of India, Oxbow, Think Investments, Bandhan and Manulife, among others.

“The company has allotted 2.57 crore equity shares to qualified institutional buyers, aggregating to ₹1,500 crore,” the vendor said in a statement.

Following the allotment, STL’s paid-up equity share capital stands increased to ₹102.78 crore, comprising 51.39 crore equity shares.