Sesa Sterlite completes Sterlite Infra merger

NEW DELHI: Vedanta Group company Sesa Sterlite Ltd today said the company has completed the merger of its subsidiary Sterlite Infra with itself.

The merger is effective from today. In a filing to the BSE, Sesa Sterlite Ltd informed that the Madras High Court had approved the scheme of amalgamation of the Sterlite Infra Ltd with the company on March 25, 2015.

Since Sterlite Infra Ltd was a wholly owned subsidiary of the company, no new shares have been issued pursuant to the scheme, it added.

Last month, another subsidiary of the company, Goa Energy Ltd was merged with it following Bombay High Court order.

Sesa Sterlite is now on the anvil of changing its name to Vedanta and has already received shareholder's approval.

Following rating agency Standard and Poor's downgrading of Vedanta's credit rating yesterday, shares of Sesa Sterlite Ltd today plunged nearly 2 per cent to closed at Rs 193.55 per scrip on the BSE.