Investor participation included Motilal Oswal, Nomura, HSBC, Bank of India, Oxbow, Think Investments, Bandhan and Manulife, among others. Sterlite Technologies Ltd said the proceeds will be primarily used to reduce debt.
ALSO READ | Sterlite Tech shares now in 5% lower circuit after 270% rally in just 43 trading sessions“The proceeds from the QIP will be primarily utilised to substantially de-leverage the company’s balance sheet, significantly enhancing financial strength while creating a robust platform to fund the next phase of STL’s growth,” it said.
Ankit Agarwal, Managing Director, Sterlite Technologies, said, “We are thankful to our investors for their continued support. This capital raise reflects the trust our investors place in STL’s vision and execution. We will deploy these funds to strengthen our balance sheet, pursue the next phase of our growth journey and accelerate our mission of transforming billions of lives by connecting the world.”
Shares of Sterlite Tech are up 470% so far in 2026, and that is after having corrected 14% from its peak of ₹679.9.ALSO READ | Explained: What’s behind Sterlite Technologies’ over 700% stock rally in a year
In a note earlier this year, brokerage firm Nuvama had written that the company is now positioned to capture the emerging data centre opportunity.
For financial year 2026, 19% of Sterlite Tech’s revenue came from the Enterprise and Data Centre business, a number that will increase to 30% in financial year 2027.
The stock continues to remain under Stage 4 of the Long-term Additional Surveillance Measures (ASM) framework, which requires payment of 100% margins upfront, prevents intraday trading and also puts the stock under a 5% circuit limit.
At the end of the March quarter, promoters of Sterlite Technologies had a 44.44% stake in the company, as disclosed on the BSE shareholding pattern.
Shares of Sterlite Technologies Ltd ended at ₹562.25, down by ₹28.60, or 4.84%, on the BSE.
ALSO READ | Sterlite Technologies Q3 net loss narrows to ₹17 crore; EBITDA rises 16%
