Board of debt-laden Electrosteel Steels approves proposal to delist the company
Earlier, metals and mining giant Vedanta had acquired management control of debt-laden Electrosteel Steels
New Delhi: The board of Electrosteel Steels Monday approved the proposal to delist the company, according to a regulatory filing.
The delisting proposal was taken on record and approved, in the meeting of the board of directors held on Monday, the company said in a BSE filing.
"The company had received a letter...from Vedanta Star Ltd (acquirer'), wherein the said acquirer has expressed its intention to acquire up to 1,961,67,342 equity shares of the company representing approximately 10 percent of the paid up share capital of the company held by the shareholders of the company...and accordingly delist the equity shares of the company from the stock exchanges," it said.
Earlier, metals and mining giant Vedanta had acquired management control of debt-laden Electrosteel Steels.
In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for ESL under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.
"NCLAT vide its order dated August 10, 2018 interalia upheld the eligibility of Vedanta Limited under Insolvency Bankruptcy Code, 2016 and dismissed appeals filed by Renaissance Steel India Pvt Ltd challenging the resolution plan of Vedanta Limited for Electrosteel Steels Limited," the filing said.
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