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Last Updated : Jul 13, 2016 12:59 PM IST | Source: Moneycontrol.com

Birla Ericsson up 5% as promoters buy ENT-Sweden's stake in co

"Universal Cables (UCL) and Vindhya Telelinks (VTL), the Indian promoters of the company, have executed a share purchase agreement with Ericssson Network Technologies (ENT - the overseas venturer), AB Sweden for the acquisition of entire shareholding of ENT in the company," says the Madhya Pradesh-based fibre optic cables manufacturer.

 
 
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Moneycontrol Bureau

Birla Ericsson Optical (BEOL) shares gained 5 percent intraday after Indian promoters purchased equity stake of Sweden-based shareholder in the company.


"Universal Cables (UCL) and Vindhya Telelinks (VTL), the Indian promoters of the company, have executed a share purchase agreement with Ericssson Network Technologies (ENT - the overseas venturer), AB Sweden for the acquisition of entire shareholding of ENT in the company," says the Madhya Pradesh-based fibre optic cables manufacturer.


Ericssson Network Technologies held 27.5 percent stake (representing 82,50,000 equity shares) in BEOL.

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After such transfer, ENT will cease to be a promoter/shareholder/technical collaborator of the company.


Universal Cables held 39 lakh shares (representing 13 percent of total paid up equity) and Vindhya Telelinks 40 lakh shares (13.33 percent of total paid up equity) as of March 2016.


With this share purchase deal, the shareholding of Birla Corporation along with its group companies increased to 66.35 percent from 38.85 percent.
 
At 11:51 hours IST, the scrip of Birla Ericsson Opticals was quoting at Rs 41.00, up Rs 1.30, or 3.27 percent.

Posted by Sunil Shankar Matkar



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First Published on Jul 13, 2016 12:58 pm
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