The Hindu Business Line : Twinstar hikes stake in Sterlite Optical

Mauritius-based Twinstar International Ltd, the firm used by the Agarwals to promote Sterlite Optical Technologies Ltd, has increased its stake by three percentage points.

As on March 31, 2006, Twinstar International's stake in Sterlite Optical had increased to 40.1 per cent from 37.1 per cent following fresh investments made by the promoters.

Sterlite Optical had allotted 28 lakh equity shares at a price of Rs 100 per share on a preferential basis to Twinstar International. It aggregated Rs 28 crore. Twinstar International's holding increased because of this allotment.

The company had also allotted 56 lakh warrants with the option of converting into equity share of Rs 5 face value within 18 months from the period of allotment. The company received Rs 5.6 crore from the warrant issue.

Sterlite Optical, a member of the $2.1-billion Sterlite Group, has registered a 68 per cent growth in its net sales. For the 12-moth period ending March 31, 2006, net sales jumped to Rs 623.93 crore from Rs 370.67 crore registered in the last financial year.

Net profit after tax jumped by 299 per cent and ended at Rs 40.77 crore from Rs 10.22 crore. Similarly, profit before tax jumped by 272 per cent. From Rs 10.25 crore in 2004-05, it went up to Rs 38.16 crore in 2005-06.

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