Sterlite Technologies raises ₹1,500 crore by issuing fresh shares

Optical solutions company Sterlite Technologies has said that it has raised ₹1,500 crore through a Qualified Institutions Placement (QIP) through issuance of fresh shares.

The shares were issued at ₹583.01 a piece, at a 5 per cent discount of the floor price of ₹613.69 per equity share.

The process saw participation by investors like Motilal Oswal, Nomura, HSBC, Bank of India, Oxbow, Think Investments, Bandhan and Manulife.

With this the company’s paid-up equity share capital has increased to ₹102.78 crore comprising 51.39 crore equity shares.

The funds raised are planned for de-leveraging the company’s balance sheet and funding its next phase of growth.