Sterlite Technologies Ltd to sell Telecom Product Software business

Sterlite Technologies Limited (STL) has signed an agreement and will sell its Telecom Product Software business via business transfer agreement by way of slump sale as a going concern to Skyvera through its Indian subsidiary for a consideration of USD 15,000,000 (USD fifteen million) subject to closing adjustments.

Skyvera LLC, an affiliate of TelcoDR, which is a US Headquartered global acquirer of telecommunication software businesses that operates and transforms the telco software companies, by providing support, product innovation, and a path for leveraging the power of the public cloud.

In FY 2022, the Telecom Product Business had Revenues of INR 171.4 Crs representing ~3% of the Company's Revenues (Consolidated) and net worth of less than 3% of Company's networth (Consolidated)

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 181.55 as compared to the previous close of Rs. 180.85. The total number of shares traded during the day was 37899 in over 1127 trades.

The stock hit an intraday high of Rs. 185.00 and intraday low of 180.10. The net turnover during the day was Rs. 6904436.00.

Source : Equity Bulls

Keywords

SterliteTechnologies INE089C01029 Agreement SlumpSale TelecomProductSoftwareBusiness Skyvera