Sterlite Technologies Limited has informed the Exchange regarding allotment of convertible warrants pursuant to Preferential Issue at its meeting held on March 30, 2026
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Sterlite Technologies has allotted 4,53,00,000 convertible warrants to its promoter, Twin Star Overseas Limited, at Rs. 110 per warrant on a preferential basis. Each warrant is convertible into one equity share of face value Rs. 2 at a premium of Rs. 108. Twin Star has paid Rs. 27.5 per warrant (25% upfront), bringing in Rs. 124.58 crore on the date of allotment, with the remaining Rs. 82.5 per warrant payable upon conversion within 18 months. If all warrants are converted, Twin Star Overseas Limited's stake in Sterlite Technologies will rise to 47.75% on a fully diluted basis. The allotment was approved by the Board on February 7, 2026 and shareholders on March 4, 2026, with stock exchange approvals received on March 30, 2026.
This signals a major promoter capital infusion and potential further consolidation of promoter control in Sterlite Technologies. Shareholders should note the dilution risk if all warrants are eventually converted, though the upfront cash strengthens the company's balance sheet.