India's STL raises INR 15 billion through institutional placement

en.Wedoany.com Reported - STL raised INR 15 billion through a Qualified Institutional Placement (QIP), attracting participation from domestic and international institutional investors including Motilal Oswal Financial Services, Nomura, HSBC, Bank of India, Oxbow, Think Investments, Bandhan Bank, and Manulife Financial.

According to STL, the subscription of this QIP reflects investor confidence in the company's manufacturing capabilities, its vertically integrated "Glass to Terabit" technology platform, and the sustained growth in demand for optical connectivity products. As global investments in AI data centers, telecom network expansion, and government digital infrastructure projects accelerate, demand for optical fiber infrastructure is continuously growing.

As part of this QIP, STL allotted 25.7 million equity shares to qualified institutional buyers, raising a total of INR 15 billion. Following the allotment, the company's paid-up share capital increased to INR 1.0278 billion, comprising 513.9 million equity shares.

STL stated that the proceeds from this issuance will be primarily used to reduce debt and strengthen the balance sheet. The company expects that the improved financial position will provide greater flexibility for future investments and support its next phase of growth strategy. STL Managing Director Ankit Agarwal said that the successful QIP reflects investor confidence in the company's long-term strategy. He added that the funds will be used to strengthen the balance sheet and support future growth plans.