Sesa Goa is trading lower by 3% at Rs 186 after rallied over 45% in past eight trading days on BSE, as shares allotted in its recently completed schemes of amalgamation and arrangement will soon hit the market.
The stock opened at Rs 193 and hit a low of Rs 182 on BSE. A combined 5.69 million shares change hands on the counter so far on BSE and NSE. The stock of Vedanta Group company has rallied 48.5% in past eight trading sessions from Rs 130 on August 19, to Rs 193 yesterday.
“Sesa Goa has allotted a combined 2,096 million equity shares to the shareholders of Sterlite Industries (India), The Madras Aluminium Company and Ekaterina pursuant to the schemes of amalgamation and arrangement,” Sesa Goa said in a statement.
Consequent to the aforesaid allotments, the paid up equity share capital of the company stands increased from Rs 86.91 crore to Rs 296.47 crore, it added.
Sesa Goa said it will apply to the Bombay Stock Exchange (BSE) and the National Stock Exchange in India (NSE) for listing approval for the new Sesa Goa shares and expects to receive the final listing approval within three to four business days.
Thereafter, Sesa Goa will apply to the BSE and NSE for trading approval for the new Sesa Goa shares and expects to receive the trading approval within a further two to three business days.
The new Sesa Goa shares are expected to begin trading on the BSE and NSE on the next business day in India after trading approval is received.
The stock opened at Rs 193 and hit a low of Rs 182 on BSE. A combined 5.69 million shares change hands on the counter so far on BSE and NSE. The stock of Vedanta Group company has rallied 48.5% in past eight trading sessions from Rs 130 on August 19, to Rs 193 yesterday.
“Sesa Goa has allotted a combined 2,096 million equity shares to the shareholders of Sterlite Industries (India), The Madras Aluminium Company and Ekaterina pursuant to the schemes of amalgamation and arrangement,” Sesa Goa said in a statement.
Consequent to the aforesaid allotments, the paid up equity share capital of the company stands increased from Rs 86.91 crore to Rs 296.47 crore, it added.
Sesa Goa said it will apply to the Bombay Stock Exchange (BSE) and the National Stock Exchange in India (NSE) for listing approval for the new Sesa Goa shares and expects to receive the final listing approval within three to four business days.
Thereafter, Sesa Goa will apply to the BSE and NSE for trading approval for the new Sesa Goa shares and expects to receive the trading approval within a further two to three business days.
The new Sesa Goa shares are expected to begin trading on the BSE and NSE on the next business day in India after trading approval is received.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%