Optical and digital solutions company Sterlite Technologies (STL) plans to raise Rs 1,000 crore through a Qualified Institutional Placement (QIP) issue.
The company board approved the floor price for the issue at Rs 119 per equity share. This is at a discount of 6% to Monday’s close of Rs 127.10 per share.
The STL stock rose by 10.96% on Tuesday to close at Rs 141.25 on the BSE. The issue closes on Friday. STL’s promoters hold 53.99% of the company.
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STL provides products and solutions to build 5G, rural, FTTx (fibre infrastructure), enterprise and data centre networks. The STL board had approved a fundraising of Rs 1,000 crore last year. These funds were to be used to fund expansion and growth plans.
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Sterlite Technologies received orders worth Rs 900 crore in FY24 for providing advanced optical solutions and smart fibre deployment services to private service providers. This includes laying high-capacity optic fibre cables along highways and roads across 20 states spanning 15,000 km.
STL also deepened its partnership with Vocus Group of Australia for faster deployment of high-capacity networks in Australia. Vocus is a specialist fibre and network solutions provider in Australia, where it owns and operates more than 25,000 km of fibre network that is purpose-built and managed for businesses and the government.
STL has supported Vocus in building, operating and maintaining its extensive fibre network. In the last three years, STL has supplied more than 1,000 km of optical fibre cable to Vocus. The new multi-year partnership will see increased usage of STL’s ultra-slim profile Micro cables in Vocus’ network, along with the use of STL’s flagship Stellar fibre, the world’s first bend-resilient fibre with backward compatibility to fibre found in legacy networks.
The company also entered into a strategic partnership with Lumos for its fibre optic internet programme in the mid-Atlantic region, the company had said in an exchange filing. Sterlite Technologies said it has been strategically engaged in co-creating fibre and optical connectivity solutions suited for Lumos’ 100% fibre optic internet in the US. STL is supporting Lumos as a significant part of this critical rollout and offering advanced, purpose-engineered optical fibre cable designs to meet Lumos’ network requirements.
