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Sterlite gains, Sesa Goa falls following merger decision

 Sterlite gains, Sesa Goa falls following merger decision
Shares of Sesa Goa lost almost 7% today, as investors dumped the stock following the Vedanta Group's announcement of a merger with group company Sterlite Industries.

The shares were traded at Rs 210.90 at 9.50 am IST, down by Rs 15.75 from its previous close. Sterlite Industries on the other hand was trading firm at Rs 119.80, up 1%.

Last week, the Vedanta Group announced that Sterlite Industries (India) and its subsidiaries will merge with Sesa Goa and its subsidiaries and Vedanta Resources and its subsidiaries.

The transaction involved merger of Sterlite into Sesa Goa with a proposed new name Sesa Sterlite. Three shares of Sesa Goa shares will be issued for every five existing shares of Sterlite.

Vedanta Aluminium and The Madras Aluminium Company will be 100% consolidated into Sesa Sterlite. A transfer will take place of Vedanta’s direct holding of 38.8% in Cairn India to Sesa Goa, together with the associated debt of $5.9 billion, at cost. Post the transfer, Sesa Sterlite will have a 58.9% shareholding in Cairn India.

Read more about: sesa goa sterlite cairn
Story first published: Monday, February 27, 2012, 10:02 [IST]
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