Sterlite Technologies Ltd updates on sale of Telecom Products and Software business

Sterlite Technologies Limited ("STL"/ "Company") had entered into a business transfer agreement to sell its Telecom Products and Software business ("TP&S business") to Skyvera LLC through its Indian subsidiary, by way of slump sale as a going concern basis.

Subsequently, on account of certain revised commercial understanding amongst the parties, it has been agreed to implement the transfer of the TP&S business as an asset sale.

Accordingly, STL has signed an amended and restated agreement dated March 27, 2023 with Skyvera LLC and its Indian subsidiary in relation to transfer of the assets ("Amended and Restated Agreement"). It is clarified that the aggregate consideration being received by STL under the revised transaction structure remains the same.

The aggregate consideration to be received by the Company for sale of Identified Assets and Carveout IP is USD 15,000,000 (USD fifteen million),subject to closing adjustments.

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 148.45 as compared to the previous close of Rs. 152.45. The total number of shares traded during the day was 68076 in over 1493 trades.

The stock hit an intraday high of Rs. 152.65 and intraday low of 146.00. The net turnover during the day was Rs. 10246204.00.

Source : Equity Bulls

Keywords

SterliteTechnologies INE089C01029 STL BusinessSale Update SkyveraLLC AssetSale