The merger of Sesa Goa Limited and Sterlite Industries has
cleared the major hurdle as equity shareholders of both companies have approved
the merger proposal. The merger proposal required approval of more than 50% of
shareholders present in the meeting and a minimum 75% value of votes.
In
the case of Sesa Goa, 91.7% valid shareholders present in the meeting
representing 79.12% votes in value have voted in favor of the merger proposal.
92.32% of valid shareholders comprise of 79.07% of votes in value approved the
merger plan of Ekaterina Limited with the merged entity. The scheme now
requires the approval of High Court of Bombay Bench at Goa.
In
the case of Sterlite Industries, 89.75% of shareholders present in the meeting
representing 92% of votes in value have voted in favor of merger plan. The same
is subject to the approval of High Court of Madras.
The
management has guided for the merger completion by end of CY12. “We've
been having endless meetings with shareholders and have explained to them the
benefits of the merger, including the widening of the portfolio for Sesa Goa,
which has been facing problems due to external factors, said a senior Vedanta
Resources official.
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