Sesa Sterlite gains after merger of wholly owned subsidiary

Sesa Sterlite rose 1.78% to Rs 191.90 at 11:13 IST on BSE after the company said that the merger of Goa Energy with Sesa Sterlite is effective from 24 March 2015.

The announcement was made during market hours today, 27 March 2015.

Meanwhile, the S&P BSE Sensex was up 83.81 points or 0.31% at 27,541.39.

On BSE, so far 1.36 lakh shares were traded in the counter as against average daily volume of 5.41 lakh shares in the past one quarter.

The stock hit a high of Rs 192.40 and a low of Rs 189 so far during the day. The stock had hit a 52-week high of Rs 318.40 on 6 June 2014. The stock had hit a 52-week low of Rs 176.40 on 26 March 2014.

The stock had underperformed the market over the past one month till 26 March 2015, sliding 9.48% compared with the Sensex's 4.48% fall. The scrip had also underperformed the market in past one quarter, declining 9.09% as against Sensex's 0.79% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

Sesa Sterlite said that the High Court of Bombay at Goa had approved the Scheme of Amalgamation of the Goa Energy with the company on 12 March 2015. Subsequent to filling the necessary forms, the merger Scheme is effective from 24 March 2015. Since Goa Energy was a wholly owned subsidiary of the company, no new shares are issued pursuant to the scheme, Sesa Sterlite said.

Sesa Sterlite's consolidated net profit fell 15% to Rs 1587.50 crore on 1.5% decline in net sales to Rs 19128.21 crore in Q3 December 2014 over Q3 December 2013.

Sesa Sterlite is one of the world's largest diversified natural resources companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas.

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