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Sterlite Technologies rises on acquiring stake in Israel-based firm

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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.

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

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