Sterlite Tech divests its stake in Maharashtra Transmission Communication Infrastructure; Stock jumps 2%

1 Apr 2022 , 10:40 AM

Sterlite Technologies Limited (STL) has signed the definitive agreement to sell its 64.98% stake of in Maharashtra Transmission Communication Infrastructure Limited (MTCIL). Total consideration of Rs43 crore agreed to be received in multiple tranches. The closing as per the agreement is completed on March 31, 2022.

“There is no contribution to turnover or revenue or income and net worth by Maharashtra Transmission Communication Infrastructure Limited as the investment is ‘Assets Classified as Held for Sale’,” company said in a regulatory filing on Thursday.

The buyer, Sterlite Power Transmission Limited (SPTL) is a leading integrated power transmission developer and solutions provider globally, focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. SPTL is a Group Company. STL & SPTL has the same Promoter entity.

At around 10.42 am, Sterlite Technologies Ltd was trading at Rs229.65 per share up by Rs5.05 or 2.25% from its previous closing of Rs224.60 per share on the BSE.