Sterlite Technologies to Demerge its Global Services Business

The Board of Directors of Sterlite Technologies Limited ("STL") at its meeting held on May 17, 2023 has considered and approved a Scheme of Arrangement ("Scheme") between Sterlite Technologies Limited (the "Demerged Company") & STL Networks Limited (the "Resulting Company") and their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder.

- Anirudha Jain

Sterlite Technologies Limited is a global integrator of digital network and is primarily engaged in designing, manufacturing, and marketing of wide array of optical products and providing information technology enabled services and network services. The key business verticals include:

• Optical Networking
• Global Services 
• Digital & Technology Solutions

The equity shares of STL are listed on nationwide bourses while its nonconvertible debentures are listed on BSE Limited.

In FY 2022, To unlock next phase of technology leadership, STL onboarded industry stalwarts as CEOs for all its key businesses of Optical Networking, Global Services, and Software and Wireless. These leaders-initiated steps to accelerate STL's growth trajectory in the global markets.

STL Networks Limited is a wholly owned subsidiary of STL and currently not having any operating business.

The Transaction:

The proposed Scheme of Arrangement, inter alia, provides for the following: (a) Transfer by way of demerger of the Demerged Undertaking consisting of Global Services Business of the Demerged Company to the Resulting Company and consequent issuance of equity shares by the Resulting Company to the shareholders of the Demerged Company; and

(b) Various other matters consequential or otherwise integrally connected therewith including the reorganisation of the share capital of the Resulting Company.