Sterlite Technologies Completes Qualified Institutional Placement of Equity Shares, Capital Increases
Sterlite Technologies Limited (STL) has finalized the allotment of equity shares in a Qualified Institutions Placement (QIP), successfully raising significant capital through the issue. The company informed stakeholders about the details of the allotment following approval by its Authorization and Allotment Committee.The QIP involved issuing 25,728,500 Equity Shares to eligible qualified institutional buyers. The shares were allotted at an issue price of ₹ 583.01 per Equity Share. This price included a premium of ₹ 581.01 per Equity Share, which accounted for a 5% discount relative to the floor price of ₹ 613.69 per Equity Share.
The placement successfully aggregated to ₹ 1500 Crores (Rupees One Thousand Five hundred Crores only).
Financial Impact and Capital Structure Update
The successful allotment has resulted in an increase in the paid-up equity share capital of Sterlite Technologies Limited. Previously, the company’s paid-up equity share capital stood at ₹ 976,335,270, comprising 488,167,635 Equity Shares. Following the QIP, the total paid-up equity share capital increased to ₹ 1,027,792,270, with a total of 513,896,135 Equity Shares outstanding.The transaction details for this placement are summarized below:
| Metric | Detail |
|---|---|
| Type of Issuance | Qualified Institutions Placement (QIP) |
| Total Shares Issued | 25,728,500 Equity Shares |
| Issue Price per Share | ₹ 583.01 |
| Aggregated Proceeds | ₹ 1500 Crores |
Major Allottees in the Placement
The company provided details regarding allottees who received more than five percent (5%) of the equity shares offered in the issue. The placement saw participation from various Mutual Funds and Foreign Institutional Investors (FIIs).Key institutional investors who received significant allocations included:
| Investor Name | Category | Percentage Allotted |
|---|---|---|
| Nomura India Investment Fund Mother Fund | FII | 14.00% |
| TIMF Holdings | FII | 14.00% |
| Oxbow Master Fund Limited | FII | 16.16% |
| HSBC Mutual Fund - HSBC Small Cap Fund | MF | 4.85% |
| Motilal Oswal Midcap Fund | MF | 18.13% |
The company confirmed that the shareholding pattern of the Company, both before and after the issue, will be submitted along with its listing application.
STLTECH Stock Price Movement
Sterlite Technologies Limited settled today, shedding 3.84% of its value to close at ₹590.75 in post-market trading. The stock activity saw a volume of 1.19 million shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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