STL raises Rs 10 billion through QIP route

STL has raised Rs 10 billion through a qualified institutional placement (QIP) route.

The entire process saw healthy participation by global and Indian investors.

The company approved the issue and allotment of 88.4 million equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, aggregating to Rs 10 billion. Post the allotment, the paid-up equity share capital of the company has increased to Rs 975 million, comprising 487.5 million equity shares.

Commenting on the announcement, Ankit Agarwal, managing director, STL, said, “We are thankful to our investors for their continued support and for believing in the growth potential of STL. 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.”