Stocks

Sterlite Technologies shares rise 3.50% on stake buy in Israel-based ASOCS

| Updated on January 10, 2020 Published on January 10, 2020

Sterlite Technologies Ltd shares went up 3.50% today after the company has informed that its subsidiary has entered into definitive agreements to acquire 12.8 per cent stake in Israel-based ASOCS.

The stock rose 3.45% or Rs 4 to Rs 128.25, on the BSE today. Around 83,000 shares have been traded in the counter against the two-week average quantity of 2.80 lakh shares.

“Sterlite Global Venture (Mauritius) Ltd, a wholly owned subsidiary of STL, has entered into definitive agreements to acquire 12.8 per cent stake (on issued and outstanding basis) in ASOCS, a vRAN (virtual Radio Access Networks) technology company based out of Israel,” a regulatory filing said.

ASOCS provides solutions for enterprise and telco-networks, it added.

“Acquisition of the shares of investee company is done at a mutually agreed pre-money valuation. The said valuation is not disclosed herein due to reasons of confidentiality,” it said.

The cash consideration will be paid in two tranches - one as on date and one in May 2020, the release added.

Published on January 10, 2020
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