Vedanta Resources on Saturday announced merger of its Indian subsidiaries, Sesa Goa and Sterlite Industries and the proposed consolidation and simplification of the Group structure. Sterlite will be merged with Sesa Goa and will be named Sesa Sterlite. Three Sesa Goa shares will be issued for every 5 existing Sterlite shares. Vedanta Aluminium and The Madras Aluminium Company to be 100% consolidated into Sesa Sterlite. Vedanta's direct holding of 38.8% in Cairn India will be transferred to Sesa Goa, together with the associated debt of $5.9 billion, at cost. Post the transfer, Sesa Sterlite will have a 58.9% shareholding in Cairn India. Sesa Sterlite will be listed in India, with American Depositary Shares (ADS) listed on the New York Stock Exchange (NYSE). Post consolidation Vedanta, the Group will own a 58.3% shareholding in Sesa Sterlite.
