The Board of Directors of Sterlite Technologies approved the issuance of convertible warrants to Twin Star Overseas Limited, a promoter of the Company. Up to 4,53,00,000 warrants will be issued at ₹110 per warrant, totaling ₹498.30 Crore. The board also approved amendments to the Articles of Association, subject to shareholder approval. An Extraordinary General Meeting on March 4, 2026, will seek shareholder approval for these matters.
Convertible Warrants Approved
Sterlite Technologies has announced the approval by its Board of Directors for the issuance of convertible warrants on a preferential basis. The decision was made at a board meeting held on February 7, 2026.
Details of the Issuance
The issuance involves up to 4,53,00,000 warrants to Twin Star Overseas Limited, a promoter of the company. The price per warrant is set at ₹110, which includes both the subscription and exercise price. The total issue size is valued at ₹498.30 Crore, to be paid in cash.
Terms of Conversion
Each warrant is convertible into one equity share of the company, with a face value of ₹2, at a premium of ₹108 per share.
Changes to Articles of Association
The Board has also approved amendments to the Articles of Association to incorporate clauses related to the issuance of convertible and non-convertible securities, subject to shareholder approval.
Extraordinary General Meeting
An Extraordinary General Meeting (EGM) will be held on March 4, 2026, via video conferencing, to seek shareholder approval for the issuance of warrants and the amendments to the Articles of Association.
Post-Allotment Shareholding
Following the preferential allotment, Twin Star Overseas Limited’s shareholding will increase. Pre-allotment, they hold 20,94,02,750 shares (42.90%). Post-allotment, this will increase to 25,47,02,750 shares (47.75%), calculated on a fully diluted basis.
Source: BSE
