Sesa Goa and Sterlite Industries (India) are trading higher by up to 6% ahead of merger of Sterlite Industries into Sea Goa.
Every equity shareholder of Sterlite holding 5 equity shares in Sterlite of Re 1 each fully paid up as of the Record Date shall be entitled to be issued 3 shares of face value Re 1 each, at par, credited as fully paid up, of the Sesa Goa.
“28 August 2013 has been fixed as the Record date for determining the shareholders to whom the equity shares of Sesa Goa will be allotted as per terms of the scheme,” Vedanta Group said in a filing.
Every equity shareholder of Sterlite holding 5 equity shares in Sterlite of Re 1 each fully paid up as of the Record Date shall be entitled to be issued 3 shares of face value Re 1 each, at par, credited as fully paid up, of the Sesa Goa.
“28 August 2013 has been fixed as the Record date for determining the shareholders to whom the equity shares of Sesa Goa will be allotted as per terms of the scheme,” Vedanta Group said in a filing.
Meanwhile, the Bombay Stock Exchange (BSE) in its notice dated August 21, 2013 said that Sesa Goa shall be added to all proposed indices including S&P BSE Sensex with effect from August 27, 2013 with current outstanding shares.
New shares issued to the shareholders of Sterlite Industries (India) will be added to Sesa Goa once new shares are available for trading, BSE added.
Shares of Sesa Goa have rallied nearly 6% at Rs 145, while Sterlite Industries (India) gained 4% at Rs 82.50 in early morning deals on BSE.
Analyst at Angel Broking maintains ‘Buy’ ratings on the stocks of Sesa Goa and Sterlite Industries with target prices of Rs 155 and Rs 92, respectively.
Shares of Sesa Goa have rallied nearly 6% at Rs 145, while Sterlite Industries (India) gained 4% at Rs 82.50 in early morning deals on BSE.
Analyst at Angel Broking maintains ‘Buy’ ratings on the stocks of Sesa Goa and Sterlite Industries with target prices of Rs 155 and Rs 92, respectively.