Sterlite Technologies witnessed a decline of nearly 3.4 percent on the NSE at the opening bell on April 15 following its announcement of raising Rs 1,000 crore through a Qualified Institutional Placement (QIP). As of 9:40 am, the stock was trading at Rs 132.50.
According to an exchange filing dated April 13, Sterlite Technologies disclosed the completion of the fundraise through a share sale to institutional investors. The purpose behind this capital infusion has not yet been revealed. The board has approved the issuance of 8.84 crore equity shares at Rs 113.05 per share, marking a 5 percent discount to the floor price of Rs 119 per share.
HDFC Mutual Fund emerged as the top investor in the share sale, followed by Nippon Life India AMC, Goldman Sachs, and Bandhan Mutual Fund.
Additionally, in February 2024, Sterlite Technologies announced a strategic partnership with Lumos, a US-based company, aiming to co-create fiber and optical connectivity solutions in the mid-Atlantic region. Through this collaboration, Sterlite aims to provide advanced, purpose-engineered optical fiber cable designs, among other offerings. Despite this, the stock has witnessed a decline of around 17 percent in the last year and approximately 9 percent over the past five years.
