Sesa Goa is trading higher by 2.4% at Rs 253 on reports of the merger of the company with its group company Sterlite Industries. A shareholder will get two shares of Sterlite Industries for every three shares of Sesa Goa.
“The London-listed Vedanta Resources is giving final touches to a merger of iron ore firm Sesa Goa with copper and aluminium maker Sterlite Industries, in a share swap ratio of 2:3,” the report suggests.
A Delhi-based law firm has been asked to work on legal requirements for the merger, added report.
A combined 2.2 million shares have changed hands on the Sesa Goa counter so far on the NSE and BSE. Sterlite Industries on the other hand is trading lower by 2% at Rs 126.
