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01 December, 2020 23:23 IST
Vedanta invests Rs 53.20 bn in Electrosteel Steel
Source: IRIS | 05 Jun, 2018, 10.10AM
Rating: NAN / 5 stars.
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Vedanta announced that its wholly owned subsidiary, Vedanta Star (VSL) has deposited the upfront amount of Rs 53.20 billion in escrow account of Electrosteel Steel (ESL) and June 04, 2018 has been determined to be the 'Effective Date' under the Resolution Plan. The company has acquired control over ESL and new board of directors has been put in place.

The investment from VSL in ESL shall be done through a combination of equity of Rs 17.65 billion and inter-corporate loan of Rs 35.55 billion.

Shares of the company declined Rs 2.25, or 0.91%, to trade at Rs 244.05. The total volume of shares traded was 102,558 at the BSE (9.59 a.m., Tuesday).

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