Sterlite Technologies, a provider of transmission solutions, witnessed a rise in share price on Wednesday after has entered into a definitive agreement for the acquisition of Elitecore Technologies Private, a global telecom software product company. This acquisition will be for an overall enterprise value of approximately Rs 1.80 billion in an all-cash deal.

The transaction is expected to be value accretive by FY17 and is expected to be closed shortly subject to completion of certain regulatory and statutory formalities. Upon completion of the transaction, Elitecore Technologies is proposed to be merged into Sterlite Technologies.

Shares of Sterlite Technologies are trading at Rs 81.90, up Rs 1.3, or 1.61% at the Bombay Stock Exchange (BSE) on Wednesday at 10:11 a.m.

Total volume of shares traded on the bourses today was lower by 34.61% to 945,290 compared with 22-day average volume of 1,445,622.