Sterlite Technologies Ltd (STL) has raised ₹1000 crore through a qualified institutional placement (QIP).

According to the company’s stock exchange filing, it 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 ₹1,000 crore.

Post the allotment, the paid-up equity share capital of the company has increased to ₹97.5 crore, comprising 48.75 crore equity shares.

Ankit Agarwal, Managing Director, STL, 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.”

Sterlite Technologies stock traded at ₹141.90, higher by 6.45 per cent on the NSE as of 10.51 am.