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Sesa Goa surges 7% post Dempo acquisition

Sesa Goa surges 7% post Dempo acquisition
PTI
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First Published: Fri, Jun 12 2009. 11 03 AM IST
Updated: Fri, Jun 12 2009. 11 03 AM IST
Mumbai: Sesa Goa, a group company of global metal giant Vedanta Resources, on Friday surged nearly 7% on the Bombay Stock Exchange, a day after the company announced the acquisition of V S Dempo & Company’s mining assets in Goa in an all-cash deal of Rs1,750 crore.
Shares of Sesa Goa jumped 6.97% to touch a high of Rs205.50 on the BSE. It was later trading at Rs204.80, up 6.61%.
On the National Stock Exchange, the company surged 17.56% to a high of Rs225.90. It was later quoting at Rs204.20, up 6.27%.
Yesterday, Sesa Goa signed a definitive share-purchase agreement with V S Dempo & Company to acquire the company’s mining assets.
Post-acquisition, Sesa Goa would have the ownership right of Dempo Group’s mining assets and related infrastructure, like processing plants, barges, jetties, transhippers and loading capacities at Mormugoa port.
V S Dempo has 19 mining leases spanned across 1,800 hectares in states of Maharashtra, Jharkhand and Goa.
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First Published: Fri, Jun 12 2009. 11 03 AM IST
More Topics: Stocks | Markets | BSE | Sesa Goa | Iron Ore |