Stock Report

STL acquires balance stake in Jiangsu Sterlite Tongguang Fiber Co. Ltd.



Posted On : 2022-06-29 22:14:53( TIMEZONE : IST )

STL acquires balance stake in Jiangsu Sterlite Tongguang Fiber Co. Ltd.

Sterlite Technologies Limited (STL) has signed the definitive agreement to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber Co. Ltd. (JSTFCL). STL's current shareholding in JSTFCL is 75%. Postacquisition of balance 25% stake, JSTFCL will become a wholly owned subsidiary of STL. The closing as per the agreement is subject to the conditions precedents as set out in the agreement for acquisition.

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 148.85 as compared to the previous close of Rs. 149.00. The total number of shares traded during the day was 61920 in over 1496 trades.

The stock hit an intraday high of Rs. 151.60 and intraday low of 145.25. The net turnover during the day was Rs. 9250167.00.

Source : Equity Bulls

Keywords

SterliteTechnologies INE089C01029 STL StakeAcquisition Agreement