Electrosteel Steels

Electrosteel Steels News

NCLAT declines to stay delisting of ElectroSteel Steels by Vedanta

On May 30, NCLAT allowed Vedanta to make a Rs 5,320 crore upfront payment to lenders for acquiring Electrosteel Steels with a caveat that the payment would be subject to the outcome of the petition filed by Renaissance Steel challenging Vedanta’s bid.

Insolvency proceedings: Vedanta allowed to pay Rs 5,320 crore for Electrosteel Steels acquisition

The resolution will be subject to NCLAT’s final order on Renaissance Steel’s challenge to Vedanta bid.


NCLAT allows Vedanta to make upfront payment of Rs 5,320 crore for Electrosteel

Electrosteel owes lenders more than Rs 13,000 crore, of which about Rs 5,000 crore is to SBI alone. Last month, the Kolkata bench of the NCLT had cleared Vedanta's Rs 5,320-crore resolution plan for Electrosteel.

Electrosteel Steels sale status quo: Vedanta requests NCLAT to lift stay

Advocate C A Sundaram, appearing on behalf of Vedanta, said that the status quo was costing around Rs 1.9 crore daily to the lenders involved.

Loan recovery: Banks plan taking control of Electrosteel Steels

Although its debt was restructured under CDR, the firm has failed to come out of the financial problems.

Ramky,OGCL stocks fall,ES up on debut

Two of the three companies,which made a debut on the bourses today,tanked.


Electrosteel Steels jumps 12% on debut

Electrosteel Steels made a handsome debut,opening over 12% higher from its issue price.