Sterlite Technologies surges 5% on QIP launch, sets Rs 613.69 floor price (opens original article in a new tab)

Sterlite Technologies shares rose 5% following the launch of a Qualified Institutions Placement (QIP) to strengthen its capital base, with a floor price of Rs 613.69 per share set for the offering.

• Sterlite Technologies surged 5% in trading after launching a Qualified Institutions Placement (QIP) to strengthen its capital base.
• The company set a floor price of Rs 613.69 per share for the QIP, with a potential 5% discount and final price to be determined by book-running lead managers.
• The placement document was submitted to BSE and NSE, and the trading window for insiders remains closed until 48 hours after the issue price is finalized.