STOCK MARKET BSE NSE

Vedanta acquires management control of Electrosteel Steel

The company has acquired management control and as per the provision of the resolution plan and new board of directors has been put in the place.

Published: 05th June 2018 01:22 PM  |   Last Updated: 05th June 2018 01:22 PM   |  A+A-

Vedanta Resources (File| AP)

By UNI

MUMBAI: Vedanta announced that it has acquired Electrosteel Steel following requisite approvals the NCLT and Competition Commission of India.

The company has initiated implementation of the resolution plan.

The company wholly-owned subsidiary, Vedanta Star (VSL) has deposited the upfront amount of Rs 5320 crore in the escrow account of Electrosteel Steel and June 04, 2018 has been determined to be the 'Effective Date' under the Resolution Plan.

The company has acquired management control and as per the provision of the resolution plan and new board of directors has been put in the place.

As per the provision of the resolution plan, Company will hold 90 pc of the paid up capital of Electrosteel Steel.

The investment from VSL in ESL shall be done through a combination of equity of Rs 1765 crore and inter-corporate loan of Rs 3555 crore.

More from Business.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp