STL gets nod for global services biz demerger

New Delhi: Optical and digital solutions company Sterlite Technologies has received approval from shareholders and creditors for demerger of its global services business, paving the way for shares of the new business to be listed separately.

According to the company, the demerger proposal received 100 per cent approval from both secured and unsecured creditors and 99.98 per cent from equity shareholders through the voting process. The voting results reflected a resounding confidence in growth potential and value creation of Sterlite Technologies Ltd (STL), the company said. “STL...today announced that it has achieved a significant milestone towards its Global Services Business (GSB) demerger, receiving approval from its shareholders and secured and unsecured creditors,” according to a BSE filing by the company.