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Sterlite Industries jumps on receiving shareholders' approval for merger plan

25 Jun 2012 Evaluate

Sterlite Industries is currently trading at Rs. 100.70, up by 1.05 points or 1.05% from its previous closing of Rs. 99.65 on the BSE.

The scrip opened at Rs. 100.00 and has touched a high and low of Rs. 101.85 and Rs. 99.50 respectively. So far 14, 41,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 176.45 on 26-Jul-2011 and a 52 week low of Rs. 86.10 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs. 102.70 and Rs. 92.20 respectively. The current market cap of the company is Rs. 33,842 crore.

The promoters holding in the company stood at 53.31% while Institutions and Non-Institutions held 21.39% and 12.85% respectively.

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.

Peers
Company Name CMP
Hindalco 1014.00
Vedanta 769.75
Hindustan Zinc 590.00
Jain Resource Recycl 418.00
Gravita India 1640.00
View more..

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