Sterlite dips over 2 pc amid Asarco deal
Shares of NRI billionaire Anil Agarwal-led Sterlite Industries on Monday fell over two per cent on the bourses, amid the company entering into a new agreement to buy the US-based copper producer Asarco.
By PTI |
MUMBAI: Shares of NRI billionaire Anil Agarwal-led Sterlite Industries on Monday fell over two per cent on the bourses, amid the company entering into a new agreement to buy the US-based copper producer Asarco.
On the Bombay Stock Exchange, the scrip fell by 2.24 per cent to settle at Rs 244.45. Earlier in the day the scrip had witnessed an intra-day drop of 3.39 per cent at Rs 637.15.
A similar trend was seen at the National Stock Exchange, where the stock ended the day with a fall of 2.28 per cent at Rs 244.50.
On Saturday last week, Sterlite Industries entered into an agreement with Asarco to buyout the US-based company for $1.1 billion in cash and promissory notes worth $600 million.
On the volume front, over 6.32 lakh shares traded on the BSE and over 20.77 lakh shares got traded on the NSE.
The agreement, however, is subject to the approval of the US Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, it added. The deal is expected to be closed by July-August this year.
On the Bombay Stock Exchange, the scrip fell by 2.24 per cent to settle at Rs 244.45. Earlier in the day the scrip had witnessed an intra-day drop of 3.39 per cent at Rs 637.15.
A similar trend was seen at the National Stock Exchange, where the stock ended the day with a fall of 2.28 per cent at Rs 244.50.
On Saturday last week, Sterlite Industries entered into an agreement with Asarco to buyout the US-based company for $1.1 billion in cash and promissory notes worth $600 million.
On the volume front, over 6.32 lakh shares traded on the BSE and over 20.77 lakh shares got traded on the NSE.
The agreement, however, is subject to the approval of the US Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, it added. The deal is expected to be closed by July-August this year.
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