Sterlite Technologies has made a public announcement regarding scheme of arrangement between Sterlite Technologies Limited (Parent Company or Demerged Company) and STL Networks Limited (Child Company or Resulting Company). This scheme of arrangement was approved by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench. For the purpose of this corporate action, 24 April 2025 is the record date.
As pe the scheme of arrangement, 1 equity share of Rs 2 each fully paid-up of the Resulting Company will be issued for every 1 equity share of Rs 2 each fully paid-up held by equity shareholders of the Demerged Company. In other words, if you held 100 shares of Sterlite Technologies Limited as on the record date, you will receive 100 shares of STL Networks Limited.
The company is currently unlisted, but you can see the shares in the unlisted section of your portfolio. Trading will be possible once the company applies for listing. Your portfolio will update with the adjusted price of between Sterlite Technologies Limited and the new STL Networks Limited once the Cost of Acquisition (COA) is declared.
What do you think about this order by the NCLT? Feel free to use this thread to discuss.