Vedanta gets shareholders' nod for India merger plan
June 25 (Reuters) - Shareholders of India's Sesa Goa and Sterlite Industries - both controlled by London-listed miner Vedanta Resources - approved the plan to merge the group's various Indian arms into a single unit, the two companies said on Monday.
In February, Vedanta said it was simplifying its business structure by merging its Indian subsidiaries into a single unit to cut costs, and planned to issue American Depositary Shares in the combined firm to be named Sesa Sterlite..
The shareholders approved merging Sesa Goa, Sterlite Industries, The Madras Aluminium Co, Sterlite Energy and Vedanta Aluminium with requisite majority on June 21, the companies said in separate statements.
Shares in Sterlite Industries were up 0.25 percent at 99.85 rupees while that in Sesa Goa rose 0.11 percent to 187 rupees by 0601 GMT in a firm Mumbai market.
- Police seek motive in fatal Washington state school shooting
- Two deputies killed, two others hurt in California shooting spree
- Wall St. finally turning on Amazon as Bezos magic fades
- Iran hangs woman convicted of killing alleged rapist
- Medical worker quarantined in New Jersey under new Ebola safeguards |