Sterlite Tech soars 7% as promoter looks to rope in investors for key verticals

Stocks

The company recently appointed three chief executives for the verticals.

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Shares of Sterlite Technologies surged over seven percent on April 22 after a report said that the promoter is looking to rope in strategic investors for three major verticals.

Anil Agarwal-owned Sterlite Tech is offering as much as 25 percent stake each in optical fibre manufacturing, telecom network services and software services.

Vedanta Group chairman Agarwal told Hindu BusinessLine that they are looking for a valuation of $ 2 billion for each of the verticals.

At that valuation, Sterlite Tech will have a market capitalisation of close to Rs 45,000 crore, which is over five times the current Rs 8,860 crore.

The company recently appointed three chief executives for the verticals. Pravin Cherian was tapped to lead the network services, while Raman Venkatraman took over software services.

Sterlite Tech appointed Paul Atkinson as chief executive of the optical fibre business.

The promoter group currently owns 54 percent stake in Sterlite Tech. At 10:11 am, shares were up 7.3 percent at Rs 221.6 on the National Stock Exchange.

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