Sterlite Technologies Ltd has successfully raised Rs 1,000 crore through a share sale to institutional investors, the company said in an exchange filing on April 12.
The company's board approved the issuance of 8.84 crore equity shares for Rs 113.05 per share, representing a 5 percent discount to the floor price of Rs 119 per share.
Among those issued shares, HDFC Mutual Fund emerged as the largest investor in the share sale, followed by Nippon Life India AMC, Goldman Sachs, and Bandhan Mutual Fund. Additionally, shares were allocated to an Alternative Investment Fund (AIF) named Volrado Venture Partners Fund.
Sterlite Tech has not disclosed the specific utilisation of the funds raised.
Also Read | Sterlite Tech gets board nod to Rs 1,000-cr QIP, sets floor price at Rs 119 a share
Last week, CNBC-TV18 had reported citing unidentified sources that the firm intends to raise around Rs 1,000 crore through QIP. According to CNBC-TV18 sources, the equity dilution resulting from the institutional share sale is estimated to be around 22% of the company's overall outstanding equity. As of the December quarter, promoter group entities held 53.99% of the shares.
The QIP, which was launched on April 8, concluded on April 12.
On April 12, shares of Sterlite Tech closed 2.7 percent lower at Rs 136.50. The stock has declined by over 14 percent in the past six months.
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