www.stl.tech
September 26, 2022 | |
BSE Limited | National Stock Exchange of India Ltd |
Corporate Relations Department | Exchange Plaza, 5th Floor, |
1st Floor, New Trading Ring, | Plot. C/1, G‐Block, |
Phiroze Jeejeebhoy Towers, | Bandra‐Kurla Complex, |
Dalal Street, | Bandra (East), |
Mumbai 400 001 | Mumbai 400 051 |
Scrip Code: 532374; Scrip ID: STLTECH | Symbol: STLTECH |
Dear Sirs,
Sub: Disclosure of events under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with SEBI circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, we hereby inform you that Sterlite Global Venture (Mauritius) Limited ("SGVML") (a wholly owned subsidiary of the Sterlite Technologies Limited (STL), has agreed to sell the entire stake (amounting to 80% of the entire share capital) held in Impact Data Solutions Limited, UK ("IDS UK") to Hexatronic Group AB (publ.) ("Proposed Transaction"), subject to regulatory approvals, if any.
Consequent to the Proposed Transaction, IDS UK and its wholly owned subsidiary Impact Data Solutions BV, will cease to be the subsidiaries of SGVML and step‐down subsidiaries of the STL respectively. For this purpose, STL has entered into definitive documents with the relevant parties to record the terms and conditions of the Proposed Transaction and related matters.
The details as required under SEBI Listing Regulations, read with SEBI Circular No. CIR/CFD/CMD/4/ 2015 dated September 9, 2015, for the said divestment is enclosed herewith as Annexure 'A'.
A press release by the Company in relation to the Proposed Transaction is also enclosed as Annexure 'B'. The aforementioned information will also be available on the website of the Company i.e. https://www.stl.tech/
We request you to take the aforesaid on record.
Thanking you.
Yours sincerely,
For Sterlite Technologies Limited
AMIT VILAS DESHPANDE
Digitally signed by AMIT VILAS DESHPANDE Date: 2022.09.26 21:53:59 +05'30'
Amit Deshpande
Corporate General Counsel & Company Secretary (ACS 17551)
Enclosures: As above
Sterlite Technologies Limited
Registered office: 4th Floor, Godrej Millennium, Koregaon Road 9, STS 12/1, Pune, Maharashtra- 41001, India. CIN - L31300PN2000PLC202408
www.stl.tech
Annexure A | |||
S.No | Particulars | Description | |
A | The amount and percentage of the turnover or | Share in turnover/revenue contributed to INR | |
revenue or income and net worth contributed by such | 132.98 crores representing 2.6% of consolidated | ||
unit or division of the listed entity during the last | turnover/revenue for the financial year 2021‐22. | ||
financial year; | Net worth contributed to INR 117 crores amounting | ||
to 5.97% of consolidated net worth of STL for the | |||
financial year 2021‐22 | |||
B | Date on which the agreement for sale has been | 26th September 2022 | |
entered into; | |||
C | The expected date of completion of sale/disposal; | By 3rd October 2022 | |
D | Consideration received from such sale/disposal; | The total consideration for SGVML will be divided | |
into a component of initial consideration and an | |||
additional earnout consideration. | |||
The initial consideration would be an amount of | |||
British Pound Sterling ("GBP") 9.6 million (subject to | |||
customary completion accounts adjustment) which | |||
will be received on Completion. | |||
The additional earnout consideration, capped at a | |||
maximum amount of GBP 7.2 million will be | |||
determined based on the actual EBITDA | |||
performance of IDS UK for the calendar year ending | |||
31st December 2022 which will be payable upon | |||
completion of the audit of IDS UK post completion | |||
of the transaction. | |||
E | Brief details of buyers and whether any of the buyers | The buyer is Hexatronic Group AB (publ.). | |
belong to the promoter/ promoter group/group | The buyer entity does not belong to promoter/ | ||
companies. If yes, details thereof; | promoter group/ group companies. | ||
F | Whether the transaction would fall within related | No | |
party transactions? If yes, whether the same is done | |||
at "arm's length"; | |||
G | Additionally, in case of a slump sale, indicative | Not Applicable | |
disclosures provided for amalgamation/merger, shall | |||
be disclosed by the listed entity with respect to such | |||
slump sale. | |||
For Sterlite Technologies Limited | |||
AMIT VILAS | Digitally signed by AMIT | ||
VILAS DESHPANDE |
DESHPANDE Date: 2022.09.26 21:54:28 +05'30'
Amit Deshpande
Corporate General Counsel & Company Secretary (ACS 17551)
Sterlite Technologies Limited
Registered office: 4th Floor, Godrej Millennium, Koregaon Road 9, STS 12/1, Pune, Maharashtra- 41001, India. CIN - L31300PN2000PLC202408
www.stl.tech
PRESS RELEASE
STL divests IDS as a part of its ongoing portfolio realignment
Mumbai, 26 September, 2022:STL [NSE: STLTECH]one of the industry's leading integrators of digital networks, today announced its divestment of Impact Data Solutions Limited (IDS), UK, as a part of its consolidated strategy to focus on its core business segments of optical solutions and global services.
With a strategic intent to play to its core, STL will sell its equity in IDS to Hexatronic Group AB, for an initial consideration and an earn-out upside. Over the past few years, IDS has been operating in certain niche areas of the data-centremarket, primarily inside-data-centreconnectivity and containment solutions. This move will help IDS achieve future success and enable STL to strengthen its core business and balance sheet. Going forward, STL will continue to evaluate non-core assets and take prudent decisions to re-balance its portfolio and optimise capital allocation.
Commenting on this development, Ankit Agarwal, MD, STL said, "As we take our company towards focused growth in this decade of network creation, our efforts and capital allocation will be fully aligned towards optical and global services businesses. We will continue to calibrate and realign our portfolio to enhance profitability, increase shareholder value, and drive towards our purpose of transforming billions of lives. We are proud of the value that we have co-created with IDS and wish them the best for the future."
About STL - Sterlite Technologies Ltd:
STL is an industry-leading integrator of digital networks that helps telcos, cloud companies, citizen networksand large enterprises deliver enhanced experiences to their customers.Read more,Contact us.
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For more information, contact:
Media Relations | Agency Contact | Investor Relations |
Khushboo Chawla | Sunit Rai | Pankaj Dhawan |
Phone: +91. 9711619114 | Phone: +91. 9289036060 | Phone: +91. 8130788887 |
khushboo.chawla@stl.tech | sunit.rai@genesis-bcw.com | pankaj.dhawan@stl.tech |
Sterlite Technologies Limited
Registered office: 4th Floor, Godrej Millennium, Koregaon Road 9, STS 12/1, Pune, Maharashtra-411 001, India. CIN - L31300PN2000PLC202408
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Sterlite Technologies Limited published this content on 26 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2022 17:10:06 UTC.