Sterlite Technologies Limited (STL) has entered into a business transfer agreement to sell its telecom products and software business to Skyvera LLC through its Indian subsidiary, by way of slump sale as a going concern basis, the tech company informed exchanges on March 28.
At 12:32 pm, shares of Sterlite Technologies were trading at Rs 145.05 apiece, nearly 2.5 percent lower than the previous close, on the NSE.
"STL has signed an amended and restated agreement dated March 27, 2023 with Skyvera LLC and its Indian subsidiary in relation to transfer of the assets. It is clarified that the aggregate consideration being received by STL under the revised transaction structure remains the same", the company stated.
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STL is a leading global optical and digital solutions company. In FY2022, its telecom products and software business had revenues of Rs 171.4 crore.
Skyvera LLC is an affiliate of TelcoDR, which is a US headquartered global acquirer of telecommunication software businesses that operates telco software companies, by providing support and product innovation.
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