STL raises Rs 1,500 Cr via QIP at 5% discount to floor price
STLTECH · price
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On the reaction day the stock moved 3.1 pts less than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sterlite Technologies allotted 2.57 crore equity shares via QIP at Rs 583.01 per share, raising Rs 1,500 Crores. The issue price carries a 5% discount (Rs 30.68) to the floor price of Rs 613.69. Paid-up capital rose from Rs 97.6 Cr to Rs 102.8 Cr. Notable allottees include Motilal Oswal funds (18.33%), Oxbow Master Fund (16.16%), HSBC MF (14%), Nomura (14%), and TIMF Holdings (14%).
Equity dilution of about 5%; capital raised for growth. QIP priced at discount to floor may pressure stock short-term.