Monday, April 28, 2008

Sesa Goa plans stock split, bonus issue

Shares of iron ore exporter Sesa Goa rose over 7 per cent Monday ahead of its board meeting to consider stock split and bonus issue.

At 10:48 am, the Sesa Goa share was up 6.89 per cent at Rs 3741 with volume traded at 70,075 shares against two-week average of 91,030 shares.

London-listed miner Vedanta Resources owns a controlling stake in Sesa Goa. Vedanta Resources bought the stake from Mitsui & Co for $981 million, beating rivals, including Arcelor Mittal, to secure supplies of the steel-making raw material.

Vedanta, the biggest producer of copper and zinc in India, paid Rs 2,036 per share for a 51 per cent stake in Sesa Goa.

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