Investor confidence soars in STL; raises Rs 1000 crore through QIP

STL announced that it has raised Rs 1000 crore through a Qualified Institutional Placement (QIP) route. The entire process saw healthy participation by highly reputed global and Indian investors, which is a testament to their confidence in STL.

Investor confidence around the fundamental need for optical fibre across the world, STL’s 30+ years of expertise, its solid customer credentials and its Glass to Gigabit capability have been some of the key factors behind the strong response to its QIP.

The Company approved the issue and allotment of 8.84 crore equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund, aggregating to Rs 1000 crore. Post the allotment, the paid-up equity share capital of the company has increased to Rs 97.5 crore , comprising 48.75 crore equity shares.

Ankit Agarwal, Managing Director, STL, said: “We are thankful to our investors for their continued support and for believing in the growth potential of STL. The money raised through QIP will be utilised towards strengthening our balance sheet so that we double down on our purpose of transforming billions of lives by connecting the world.”

CT Bureau