After Merger the new entity will get new face and will rename as “Vedanta Steel Limited” or other name which approve by board. 27/03/2020 03:34:56 PM Share: Electrosteel Steels Ltd. was incorporated in the year 2006. Cairn Oil and Gas; Vedanta Aluminium; Talwandi Sabo Power; Sterlite Copper; Sesa Goa Iron Ore; Hindustan Zinc Limited; BALCO; Zinc International; Electrosteel Steels Limited; Konkola Copper Mines; Reach Us Mild Steel Bars 12 meter Electrosteel TMT Bar, For Construction, Grade: Fe 500D Ask Price Brand : Electrosteel steels limited (vedanta group) Diameter : All diameters The S&P BSE Sensex ended 0.3% higher at 47,746 … After turning around the company in the first year … Steel. This positions ESL to become a significant player in the Indian Steel Sector. That’s the bad news. Vedanta to restructure Electrosteel Steels, to make delisting offer at 82% discount to market price ... company would be at Rs0.19 per share based on pre-capital reduction price. Source of water for the plant is the Damodar river and the location of the in-take pump house is will be near the bank of Damodar river, which is about 10 kms away from the plant site. Vedanta has deposited Rs 5,320 crore in an escrow account of ESL for 90 per cent equity in the bankrupt alloy maker. (Image source- Reuters) Fresh off its acquisition of Electrosteel Steels, Vedanta, a metals and mining behemoth, is moving ahead with plans to set up a steel … On the other hand, share price of APL Apollo hit new 52-week high and was the only stock trading in the green. However, the shares hit the upper circuit of five per cent on NSE. Vedanta forayed into the steel business through acquisition of 90% stake in ESL Steel Limited (ESL). The delisting proposal was taken on record and approved, in the meeting of the board of directors held today, the company said in a BSE filing. The business has seen a complete turnaround since its takeover with the combination of right people, higher volumes and better cost In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016. “Q2 has been a better quarter in terms of demand and production; this is the kind of V-shaped recovery we were expecting,” Pankaj Malhan, chief executive officer of Electrosteel said. Join SMS/Email/WhatsApp/ Telegram Updates Group, SBI Home Finance Limited Unlisted Delisted Suspended Shares, LAVA International Limited Unlisted Shares. The delisting proposal was taken on record and approved, in the meeting of the board of directors held today, the company said in a BSE filing. ESL has established excellence at every stage of production by bringing international expertise and solutions from reputed manufacturers. NEWS UPDATE: “NCL Gives approval to Vedanta VSL merger with Electrosteel Steel Ltd” Vedanta Ltd. on 4th Feb, 2020 said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd. with Electrosteel Steels Ltd. Initiatives on commercial excellence by leveraging Vedanta’s strong market presence, as well as best practices using the broader technical experience and expertise of the Group, have yielded exceptional results. Vedanta in February 2020 said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd. with Electrosteel Steels Ltd. Post the amalgamation becoming effective, Vedanta will directly hold 95.48 percent in ESL. Steel companies bullish on prices in near future. Along with the latest technology, the plant operates in synchronization with the highest ecological standards. Shares of Electrosteel Steels rose as much as 5 per cent to Rs 6.75, their highest since November 8, as a media report said that Anil Agarwal-led Vedanta has … The top losers included Vedanta which was down 2 percent followed by Hindalco Industries, JSW Steel, Jindal Steel & Power, NALCO and Tata Steel. The board of Electrosteel Steels Monday approved the proposal to delist the company, according to a regulatory filing. ESL Steel Ltd is engaged in the manufacture and supply of Billets, TMT Bars, Wire Rods and Ductile Iron(DI) Pipes and also deals in Pig Iron and Iron and Steel Scrap products generated while manufacturing these products. Vedanta forayed into the steel business through acquisition of 90% stake in ESL Steel Limited (ESL). ISIN: INE481K01021 Vedanta Aluminium Limited (VAL) has acquired a 24.5% stake in L & T subsidiary Raykal Aluminium. Check out why Electrosteel Steels share price is today. Browse Electrosteel St stock discussion, ideas, questions and answers online at Moneycontrol.com. After Merger the new entity will get new face and will rename as “Vedanta Steel Limited” or other name which approve by board. Vedanta Limited will now directly hold 95.49% in Electrosteel Steels Ltd (ESL) This follows nod from NCLT Kolkata for scheme of amalgamation of Vedanta Star Limited with ESL. Financials of Electrosteel Steels Limited: Since June 2018, within 10 months of Vedanta’s ownership, the business has seen consequential improvements leading to a healthy financial position. Currently, the company is a subsidiary of Vedanta Star Limited which is a wholly owned subsidiary of Vedanta Limited. Bookmark. Though Electrosteel’s current market price is Rs 1.10 per share, it’s well accepted that equity shares of an insolvent company are usually worth nothing. 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