Sterlite Technologies raises ₹1,500cr from institutional investors despite trading restrictions
Business
Sterlite Technologies Ltd. (STL) just raised ₹1,500 crore by selling new shares to big investors like Motilal Oswal, HSBC, and Bank of India.
This move bumps up their total equity and shows that major players are betting on STL's future, even though the stock is still under trading restrictions.
Sterlite funds for debt and growth
STL says the fresh funds will mostly go toward paying off debt and fueling long-term growth projects.
Managing Director Ankit Agarwal shared that this support will help them "accelerate our mission of transforming billions of lives by connecting the world."
Despite a recent dip from its peak price, STL's stock is actually up 470% this year.
Brokerage Nuvama expects their enterprise tech segment to grow even more by next year.