STL’s board approves fundraising of up to Rs 10 billion

Sterlite Technologies Limited has received approval from its bo­ard to raise funds up to Rs 10 billion. As per a regulatory filing, the board has approved fundraising through the issuance of equity shares, financial instruments and/or securities convertible into equity shares, or a combination of such securities via public and/or private offerings, qualified institutions place­me­­nts, preferential allotments and/or rights offerings for an aggregate consideration of up to Rs 10 billion. In addition, the company’s board of di­rectors has approved the demerger of the global services business into a separate legal entity, on a going concern basis. This decision, once appro­ved by shareholders and regulators, will establish an industry-leading business capable of driving large-scale network and IT infrastructure projects, characterised by a strong customer focus and operational agility.