COLUMBIA,
S.C., July 12, 2024 /PRNewswire/ -- STL (NSE:
STLTECH), a leading optical and digital solutions company today
announced that it has achieved a significant milestone towards its
Global Services Business (GSB) demerger, receiving approval from
its shareholders, including secured and unsecured creditors. The
approval paves the way for shares of the new business to be listed
separately.
At the National Company Law Tribunal (NCLT)
convened meetings held on 10 July
2024, the demerger proposal received 100% approval from both
secured and unsecured creditors and 99.98% from equity shareholders
through the voting process. The voting results reflected a
resounding confidence in STL's growth potential and value
creation.
STL's Global Services Business has brought
substantial value to its customers over the past decade. With its
automation-led digital ecosystem creation capability, the business
has been making significant strides in India and the UK. It has been a major part of
India's digital growth story,
blending the spirit of nation-building and digital infrastructure
creation with automation. Over 1.35 lakh km of Optical Fibre
network have been deployed across the country in 23 states,
positioning STL as a trusted partner for delivering critical
Optical solutions.
The demerger will enable both businesses—STL and
the new Global Services entity—to grow independently with more
agility and focus, creating strong, distinct platforms for
achieving their goals. This will also bring more value for
investors and strategic partners having a specific interest in the
Global Services Business.
No economic interest of any shareholder of the
Demerged Company would change post-demerger. The process of getting
approval from the NCLT will be completed in an indicative timeline
of 2-3 months.
Ankit Agarwal,
Managing Director of STL, said, "We are thankful to our
shareholders and creditors for their continued support. Achieving
these approvals for the demerger is a pivotal milestone. This
reflects their strong belief in our strategic vision and growth
potential. This demerger will lead to better alignment of the
respective businesses with their customers and improve
competitiveness and operational efficiencies. This will strengthen
their position in the relevant marketplaces, resulting in more
sustainable long-term growth."
About STL - Sterlite Technologies Ltd:
STL is a leading global optical and digital
solutions company providing advanced offerings to build 5G, Rural,
FTTx, Enterprise and Data Centre networks.
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For more information, contact:
Media Relations
Soumi Das
soumi.das1@stl.tech
Agency Contact
Ishita Kaushik
ishita.kaushik@2020msl.com
Investor Relations
Chetan Wani
investor@stl.tech
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SOURCE Sterlite Technologies Ltd - STL