BSE, NSE clear merger of 2 units with Sesa Sterlite

The merger of Goa Energy and Sterlite Infra with Sesa Sterlite has been cleared by the two leading stock exchanges - BSE and NSE.

The 'no-objection' from the two exchanges would allow the companies to file their scheme of amalgamation with the High Court for further clearance of the deal.

Both Goa Energy Ltd and Sterlite Infra Ltd are wholly owned subsidiaries of Sesa Sterlite Ltd.

The exchanges have approved the merger of Goa Energy with Sesa Sterlite. They also gave the go-ahead for the amalgamation of Sterlite Infra with Sesa Sterlite.

The companies now need clearances of the High Court and the Competition Commission of India (CCI), among others.

In separate communications, BSE and NSE said that they are granting their 'no-objection approval' to the proposed scheme and this observation letter would be valid for six months, within which period the companies would have to file the scheme with the High Court for further clearance.

The exchanges have noted the confirmation given by the company stating that the scheme does not violate or over-ride or circumscribe the provisions of various regulatory norms.

"Accordingly, we do hereby convey our 'no-objection' with limited reference to those matters having a bearing on listing/delisting/continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court," the exchanges said in a similar-worded communications.

They mentioned that they reserve the rights to withdraw the no-objection approval at any stage if the information submitted to the exchange is found to be incomplete, incorrect, or misleading.