STL raised INR 1000 crore through a QIP route planned to be utilized towards strengthening their balance sheet.
Apr 17, 2024
STL, a leading optical and digital solutions company has announced that it has raised INR 1000 crore via Qualified Institutional Placement (QIP) route. Showcasing confidence in STL, the entire process attracted healthy participation by highly reputed global and Indian investors. 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.
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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 INR 1000 crore. Post the allotment, the paid-up equity share capital of the company has increased to INR 97.5 crore, comprising 48.75 crore equity shares.
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Mr. 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.”
