Sterlite Technologies Settles Dispute With DMC For $4,67,400
Earlier, in July, Sterlite Technologies had received shareholders' and creditors' nods for the demerger of its global services business.
Sterlite Technologies Ltd. announced on Monday that the company has reached a settlement in its dispute with Data Management Centre Ltd. at the Singapore International Arbitration Centre.
Without admitting liability, the two parties executed a settlement agreement, under which Sterlite Technologies agreed to pay DMC a net sum of $4,67,400 as a full and final settlement of all claims, according to an exchange filing on Monday.
Earlier, in July, Sterlite Technologies received shareholders' and creditors' nods for the demerger of its global services business. The approval paves the way for shares of the new business to be listed separately.
Shares of Sterlite Technologies closed 0.30% lower at Rs 131.15 per share, compared to a 0.24% advance in the BSE Sensex.
