Anil Agarwal stock engaged in providing end-to-end data network solutions to build data center networks, 5G Networks, and many more, jumped upto 8 percent in the day’s trade following successfully raising QIP of Rs. 1,000 Crores from some well-known institutions like Goldman Sachs, HDFC Mutual Fund, Nippon Life India, Bandhan Mutual Fund, and many more.
With a market capitalization of Rs. 5,631 Crores, the shares of Sterlite Technologies Limited were trading at Rs. 141.10, up 5.85 percent from its previous day’s close price of Rs. 133.30.
Regarding the company’s earlier intimation to raise up to Rs. 1000 Crores through qualified institutional placement at a floor price of Rs. 119, Sterlite Technologies Limited has announced that it has successfully raised Rs. 1,000 Crores through the Qualified Institutional Placement (QIP) route.
It has approved the issue and allotment of 8.84 Cr Equity shares to qualified institutional investors, which include some well-known institutions such as HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, aggregating Rs. 1,000 Crores. Post allotment, the paid-up equity share capital of the company has increased to Rs. 97.5 Crores comprising 48.75 Crore equity shares.
Sterlite Technologies Limited is one of the largest Optical Fiber and Optical Fiber cable manufacturers in the country, engaged in providing end-to-end data network solutions to build data center networks, 5G Networks, and many more. It manufactures and supplies optic fiber, cables, and optical interconnect devices and provides other related services.
Sterlite Technologies Limited has a global presence across 75+ countries, with 10 global manufacturing facilities, and 3 innovation centers, and as of December 2023, it has 681 patents.
As of Q3FY24, it has a strong order book worth Rs. 9,849 Crores, of which business-wise breakup consists of, 47 percent came for Optical Networking, 25 percent for Global services O& M, 21 percent for Global Services Capex and 7 percent for Digital & technology
Its revenue from operations declined by 29.79 percent from Rs. 1,883 Crores in Q3FY23 to Rs. 1,322 Crores in Q3FY24, accompanied by a profit of Rs. 47 Crore to a loss of Rs. 59 Crores.
Written by: Bharath K.S
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