Sesa Goa and Sterlite Industries’ shareholders have approved the proposed merger at separate meetings held for the purpose. Both the companies will now be waiting for the approval of the High Court of Bombay at Goa and High Court of Madras.
On June 21, shareholders of Sterlite Industries approved the merger proposal by an overwhelming majority of 92% of the votes in value at a meeting. On June 19, at a meeting of Sesa Goa’s shareholders, 91.70 of voters in number representing 79.12% of votes in value, voted in favor of the merger resolution.
The proposal envisaged the merger of Sterlite Industries with Sesa Goa (proposed new name ‘Sesa Sterlite’). Under the merger plan, three Sesa Goa shares were to be allotted for every five Sterlite shares.
