Sesa Goa- Sterlite Industries get Bombay High Court approval for merger - Angel Broking

The division bench of High Court of Bombay at Goa has dismissed a shareholders appeal which was opposing the proposed Sesa Goa- Sterlite Industries merger. The promoters, Vedanta Resources, had proposed the merger during January 2012 after which it had gradually received most approvals required to merge Sesa Goa with Sterlite Industries to form the merged entity, Sesa Sterlite. With this court approval we now believe both the companies have completed major formalities required for the merger. We now await a specific timeline for the proposed merger. Meanwhile, we maintain our Buy ratings on the stocks of Sesa Goa and Sterlite Industries with target prices of Rs. 149 and Rs. 87, respectively.

Source : Equity Bulls

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