Shareholders of Sesa Goa and Sterlite Industries - both controlled by London-listed miner Vedanta Resources - approved the plan to merge the group's various Indian arms into a single unit, the two companies said on Monday.
In February, Vedanta said it was simplifying its business structure by merging its Indian subsidiaries into a single unit to cut costs, and planned to issue American Depositary Shares in the combined firm to be named Sesa Sterlite.
The shareholders approved merging Sesa Goa, Sterlite Industries, The Madras Aluminium Co, Sterlite Energy and Vedanta Aluminium with requisite majority on June 21, the companies said in separate statements.
Shares in Sterlite Industries were up 0.25% at Rs 99.85 while that in Sesa Goa rose 0.11% to Rs 187 by 11:31 a.m. in a firm Mumbai market.
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