STL Raises ₹1,000 Crore in QIP; HDFC MF, Goldman Sachs Among Major Investors

STL, formerly known as Sterlite Technologies Ltd., has successfully raised ₹1,000 crore through a Qualified Institutional Placement (QIP), as disclosed in an exchange filing. The company’s board approved the issuance of 8.84 crore equity shares at a price of ₹113.05 per share.

The QIP issue price represents a 5% discount to the floor price of ₹119 per share. However, in comparison to Friday’s closing price, the issue price reflects a discount of 17%. The proceeds from the QIP have not been explicitly earmarked by STL in their disclosure.

The QIP, launched on April 8, attracted significant interest from institutional investors. Among the major subscribers to the QIP, HDFC Mutual Fund secured the largest allocation, followed by Nippon Life India AMC, Goldman Sachs, and Bandhan Mutual Fund. Additionally, an Alternative Investment Fund (AIF) named Volrado Venture Partners Fund also participated in the issuance.

Post the completion of the QIP, the paid-up equity share capital of STL has increased to ₹97.5 crore, comprising 48.75 crore equity shares.

STL’s successful fundraising through the QIP underscores investor confidence in the company’s growth prospects and strategic initiatives. The capital infusion will likely be utilized to bolster various aspects of STL’s operations, potentially including expansion projects, research and development endeavors, debt reduction, or other strategic investments.

The participation of renowned institutional investors in the QIP further validates STL’s position as a promising player in the market and highlights the attractiveness of its equity offering among discerning investors.

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