9 April 2024 – Sterlite Technologies Ltd witnessed a remarkable 15% surge in its shares on Tuesday, driven by the announcement of a qualified institutional placement (QIP) to raise Rs 1,000 crore. The company aims to dilute a 22% equity stake through this institutional share sale, with a floor price set at Rs 119 per share.
The decision to launch a QIP has propelled Sterlite Technologies shares, which rose to Rs 146.40 during intraday trading. Despite the recent market volatility, the company’s strategic move to raise funds through share sale has garnered investor confidence.
Motilal Oswal and Nuvama have been appointed as the book running lead managers for the QIP, ensuring efficient execution of the share sale process. Additionally, a 60-day lock-in period further underscores the company’s commitment to stabilizing its equity structure.
Sterlite Technologies‘ stock performance reflects its resilience amidst market fluctuations. While it has experienced fluctuations between its 52-week high and low, the recent surge underscores investor optimism about its growth prospects.
With a market cap of Rs 5,613.57 crore, Sterlite Technologies continues to maintain its position as a leading player in the global data network solutions market. Its expertise in designing and deploying high-capacity fibre cables and wireless networks reaffirms its significance in the industry.
