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Sterlite Tech surges 9% on acquiring European optical cable firm

Press Trust of India  |  New Delhi 

Shares of today rose nearly nine per cent as the company's unit has agreed to buy European Metallurgica Bresciana.

The stock opened at bullish note on BSE and finally settled at 8.62 per cent higher at Rs 315.05. During the intra-day trade, the stock had climbed as much as 10.25 per cent to Rs 319.80.

Similar movements were seen on NSE, wherein the stock had ended at Rs 315.20, a surge of 8.84 per cent from the previous close. During the trading session, the stock had touched a high of Rs 319.70 and a low of Rs 296.30.

In terms of volume, 9.15 lakh shares changed hands on BSE, while 67.14 lakh stocks got traded on NSE.

On Friday, Sterlite Tech, in a regulatory filing

had announced the signing of definitive agreements for acquisition of a European based in Italy, in a bid to expand its global presence.

Sterlite Tech, through its wholly-owned Italian subsidiary S.p.A, will acquire 100 per cent stake in Metallurgica Bresciana S.p.A.

The acquisition is an all cash deal for about 47 million euro (about Rs 380 crore), which is being funded through a combination of euro debt instruments and internal accruals.

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

First Published: Mon, July 09 2018. 16:15 IST