High Court of Madras approves Sterlite Industries amalgamation - Angel Broking

The Honorable High Court of Madras has approved the scheme of Amalgamation and Arrangement amongst Sterlite Industries (Sterlite), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors, to create a new entity Sesa Sterlite. The High court of Bombay at Goa had given its approval in April 2013. Sterlite and Sesa had proposed the merger during February 2012. The merger has been approved by shareholders.

We continue to value Sterlite considering the merged entity and Buy rating on the stock with a SOTP-based target price of Rs.100.

Source : Equity Bulls

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