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Business News/ Money / Sesa Goa surges 7% post Dempo acquisition
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Sesa Goa surges 7% post Dempo acquisition

Sesa Goa surges 7% post Dempo acquisition

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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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Published: 12 Jun 2009, 11:03 AM IST
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