Anil Agarwal-led promoters of Sterlite Technologies (STL) have announced that they have removed their entire pledge on STL’s shares with immediate effect.
Twin Star Overseas, the promoter entity has pledged their entire 52.01 percent of holding in STL with Citicorp International as a collateral for loan taken by the group company Volcan Investment.
STL stock gained 1 per cent to close at Rs 173 on Monday. The issue of promoter pledged shares has been an overhang for the scrip, which has been falling for quite some time now. Shares of STL plunged 41 per cent in the last one year.
“As communicated, we have removed the entire pledge on STL, and remain committed to the highest level of corporate governance and our shareholding in the company,” said Anil Agarwal, the Group Chairman of Vedanta.
“We are extremely excited about STL’s strategic push towards the future of global data networks.”
The company is a global technology player engaged in designing, building and managing telecom broadband networks. Its offerings include optical products, system and network integration services and telecom software. Sterlite is India’s largest and only fully integrated optical fibre cable manufacturer with OF and optical fibre cable (OFC) capacity of 30mn and 15mn FKM, respectively.―India Finance News