Agarwal says fund for connecting billions of lives across the world
STL (NSE: STLTECH), a leading optical and digital solutions company, has raised Rs.1,000 crore through a Qualified Institutional Placement (QIP) route, participated 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,” STL said on 16 Apr 2024.
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.1,000 crore.
Post the allotment, the paid-up equity share capital of the company has increased to Rs.97.5 crore, comprising Rs.48.75 crore equity shares.
STL Managing Director Ankit Agarwal said, “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. “We are thankful to our investors for their continued support and for believing in the growth potential of STL.” Fiinews.com
