Sterlite Technologies surges 11% on removing entire pledge on shares
Shares of Sterlite Technologiessurged more than 11 percent in the early trade on May 11 after company’s promoters removed all pledge on company’s shares with immediate effect.
Twin Star Overseas, promoters of the company, has removed 100 percent of the pledge on STL’s shares with immediate effect, as per company release.
Anil Agarwal, the Group Chairman said, “We are extremely excited about STL’s strategic push towards the future of global data networks. Our recent new technology solutions for data networks are very encouraging and have the potential to fundamentally disrupt the space. As the founders and lead investors of STL, we remain bullish about our business’ ability to create disproportionate long term shareholder value.”
“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,” he added.
At 0945 hours, Sterlite Technologies was quoting at Rs 185.40, up Rs 12.35, or 7.14 percent on the BSE.