STL to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber

Sterlite Technologies Limited (STL) has signed the definitive agreement to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber Co. Ltd. (JSTFCL).

As per the filing, STL’s current shareholding in JSTFCL is 75%. Post acquisition 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, the company said.

Further, acquisition of the remaining 25% of JSTFCL will ensure optical fiber supply security to support STL’s expanding optical fiber cable operations.

At around 2:31 PM, Sterlite Technologies was trading at Rs147.95 per share down by Rs0.9 or 0.6% from its previous closing of Rs148.85 per share on the BSE.