Sterlite Ind rallies on buzz of acquisition of Raykal Aluminium

Sterlite Industies has rallied 5% to Rs 105 extending its Friday's 3.5% gain on reports that Vedanta, a unit of the company has entered into a tripartite agreement with Larsen & Toubro and its partner Dubai Aluminium Company (Dubal) to buy them out from their aluminium venture in Odisha, called Raykal Aluminium. In a filing with the US regulator, SEC, Vedanta has said it has already acquired 24.5% stake in Raykal for Rs 200.70 crore and has the right to acquire the entire 100% over a period of time for a total consideration of Rs 1,811 crore, the report suggests. Raykal was the SPV (special purpose vehicle) floated by the two partners. A combined 260,000 shares have changed hands on the counter in opening deals.