Sterlite Tech jumps 12% after promoters remove pledged shares

NEW DELHI: Shares of Sterlite Technologies (STL) surged almost 12 per cent to Rs 193 in Tuesday's session after the company's promoters said they removed their entire pledge on STL's shares with immediate effect.

Twin Star Overseas, the promoter entity has pledged their entire 52.01 per cent of holding in STL with Citicorp International as a collateral for loan taken by the group company Volcan Investment.

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.


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.

Shares of STL closed 10.81 per cent up at Rs 191.75 on BSE.