Hot Pursuit     13-Apr-24
Sterlite Tech concludes Rs 1,000 cr QIP of equity shares
The shares were priced at Rs 113.05 per equity share.

The qualified institutional placement (QIP), which commenced on 8 April 2024, concluded on 12 April 2024, with a total of 88,456,435 equity shares being allotted. The shares were priced at Rs 113.05 per share, resulting in an issue size of approximately Rs 1,000 crore.

The issue price of Rs 113.05 is at a discount of 5%, to the floor price of Rs 119 per equity share set for the QIP issue.

HDFC Mutual Fund emerged as the largest allottee, securing a substantial 19% allocation. Following, Nippon India Small Cap Fund and Bandhan Mutual Fund received allocations of 15% and 12%, respectively. Goldman Sachs Funds secured 11% allocation, while Societe Generale - ODI and Volrado Venture Partners Fund received allocations of 7.05% and 5.50%, respectively.

Sterlite Technologies is a leading end-to-end solutions provider for global digital networks.

The firm had reported a consolidated net loss of Rs 57 crore in Q3 FY24 as against a net profit of Rs 51 crore recorded in Q3 FY23. Revenue from operations decreased 29.79% year on year (YoY) to Rs 1,322 crore in the quarter ended 31 December 2023.

The scrip slipped 2.35% to end at Rs 136.95 on Friday, 12 April 2024.

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