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Sesa Goa falls after over 45% rally in eight days

The company said shares allotted in its recently completed schemes of amalgamation and arrangement will soon hit the market.

SI Reporter  |  Mumbai 

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.

First Published: Fri, August 30 2013. 11:18 IST
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