You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Sterlite Technologies rises on acquiring stake in Israel-based firm

Topics
Business Finance

Capital Market 

Sterlite Technologies (STL) gained 3.02% to Rs 128 after the company said its subsidiary has entered into definitive agreements to acquire 12.8% stake in Israel-based ASOCS.

Sterlite Global Venture (Mauritius), a wholly owned subsidiary of STL, has entered into definitive agreements to acquire 12.8% stake (on issued and outstanding basis) in ASOCS, a vRAN (virtual Radio Access Networks) technology company based out of Israel, a regulatory filing said.

ASOCS provides solutions for enterprise and telco-networks, it added.

Acquisition of the shares of investee company is done at a mutually agreed pre-money valuation. The said valuation is not disclosed herein due to reasons of confidentiality, it said. The cash consideration will be paid in two tranches, one as on date and one in May 2020.

The investment strengthens the company's offering in the promising and fast growing virtualised radio access space, the filing added. The announcement was made after market hours yesterday, 9 January 2020.

The S&P BSE Sensex was up 200 points or 0.48% to 41,651.90.

The stock hit a 52-week high of Rs 301.55 on 22 January 2019 and a 52-week low of Rs 96.65 on 23 August 2019.

STL's consolidated net profit rose 12.85% to Rs 159.56 crore on 5.04% decline in net sales to Rs 1,359.69 crore in Q2 September 2019 over Q2 September 2018.

STL is a global technology company. The firm is engaged in designing, building and managing smarter digital networks.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, January 10 2020. 11:28 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU