Sesa Goa, Sterlite surge 4% each as merger becomes effective

August 28th 2013 has been fixed as the Record date for determining the shareholders to whom the equity shares of Sesa Goa will be allotted.

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Shares of Sterlite Industries and Sea Goa are up 4% each after the merger of these companies has become effective to create Sesa Sterlite Limited.

Sterlite Industries was up 4.3% at Rs 79.10, while Sea Goa by 4.1% at Rs 136 on the Bombay Stock Exchange (BSE).

28 August 2013 has been fixed as the Record date for determining the shareholders to whom the equity shares of Sesa Goa will be allotted as per terms of the scheme, Vedanta Group said in a filing.

Every equity shareholder of Sterlite holding 5 equity shares in Sterlite of Re 1 each fully paid up as of the Record Date shall be entitled to be issued 3 shares of face value Re 1 each, at par, credited as fully paid up, of the Sesa Goa.

Analyst at Angel Broking maintains ‘Buy’ ratings on the stocks of Sesa Goa and Sterlite Industries with target prices of Rs 155 and Rs 92, respectively.