Sesa Goa soars 6% on inclusion in Sensex from August 27

Moneycontrol Bureau

Sesa Goa shares gained nearly 6 percent in early trade Thursday. Investors are lapping up the stock as it will be included in the BSE benchmark Sensex with effect from August 27.

The Bombay Stock Exchange will exclude Sterlite Industries from the index due to merger of the company with Sesa Goa.

Indiabulls Housing Finance (up 0.47 percent) will also replace Sterlite Industries in S&P BSE 500 from the same date.

Sesa Goa on Saturday has informed exchanges that the board of directors has fixed August 28, 2013 as a record date for determining the list of shareholders of Sterlite, MALCO and Ekaterina to whom the equity shares of Sesa Goa will be allotted.

According to the scheme of arrangement, Sesa Goa shall issue and allot its three fully paid up equity shares of face value of Re 1 each for every five fully paid up equity shares of face value of Re 1 each of Sterlite Industries.

National Stock Exchange of India (NSE) will also stop trading in Sterlite Industries in cash as well as futures & options (F&O) segments with effect from August 27.

"The existing contracts with expiry dates August 29, 2013, September 26, 2013 and October 31, 2012 will expire on August 26, 2013. Accordingly, no futures and options contracts will be available in the underlying STER for trading from August 27, 2013 onwards," says NSE in its release.

Sesa Goa rallied 4.77 percent to Rs 144 while Sterlite Industries rose 3.6 percent to Rs 82.05 on the Bombay Stock Exchange.