Unlimited access to all the content on any device through browser or app. 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. We, however, have a request. Monnet Ispat and Energy Ltd., taken over by JSW Steel Ltd., will resume trading after reissuing shares starting next week. Electrosteel, which is setting up a 2.5 million tonne steel plant near Bokaro, owes lenders Rs13,395 crore. ELECTROSTEEL STEELS LIMITED Share Price Today, Live NSE Stock Price: Get the latest ELECTROSTEEL STEELS LIMITED news, company updates, quotes, offers, annual financial reports, graph, volumes, 52 week high low, buy sell tips, balance sheet, historical charts, market performance, capitalisation, dividends, volume, profit and loss account, research, results and more details at NSE India. In the first big public stock bankruptcy resolution, Electrosteel Steels has been declared bankrupt and has now been sold. Copyrights © 2021 Business Standard Private Ltd. All rights reserved. Digital Editor. However, the shares hit the upper circuit of five per cent on NSE. Electrosteel Consolidated December 2019 Net Sales at Rs 692.51 crore, down 3.46% Y-o-Y Electrosteel Steels Limited Unlisted Shares August 5, 2020 July 10, 2020 by BuySellUnlistedShares Electrosteel Steels Ltd (ESL) has set up 2.51 Million Ton Per Annum (MTPA) Greenfield Integrated Steel Plant near Siyaljori village, in the Bokaro district of Jharkhand. Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked. ELECTROSTEEL STEELS LIMITED Members of the Exchange are hereby informed that the trading in the equity shares of Electrosteel Steels Limited shall be suspended w.e.f. Electrosteel Steel Limited is one of the dirty dozen identified by RBI for immediate bankruptcy proceedings. Find out shareholding of promoters, MF, FII, individuals, pledged shares details and whether MF/DIIs and FIIs have bought or sold Electrosteel Steels Ltd. in the latest quarter ending . The share swap ratio had a telling effect on SPL stock, which tanked 29.3 per cent after the deal was announced. NEW DELHI: Shares of Electrosteel Steels hit lower circuit on BSE on Tuesday after the board on Monday approved the proposal to delist the company. Stock analysis for Electrosteel Castings Ltd (ELSC:Natl India) including stock price, stock chart, company news, key statistics, fundamentals and company profile. CARE Ratings Limited Rating Withdrawal Letter - 14 January 2020; India Ratings & Research Private Limited Rating Letter - 29 March 2019 Browse Electrosteel St stock discussion, ideas, questions and answers online at Moneycontrol.com. Shares of Srikalahasthi Pipes (SPL) and Electrosteel Castings (ECL) tanked up to 18 per cent on the BSE in the intra-day trade on Tuesday after their respective boards on Monday approved a draft scheme of amalgamation for the merger. Promoters held 48.15 per cent stake in SPL, which includes 41.33 per cent direct shareholding by ECL, which has a plant in Khardah on the outskirts of Calcutta. Credit Ratings. Electrosteel Insolvency  |  Vedanta  |  Nclt, Vishal Chhabria & Ishita Ayan Dutt  |  Copyright © 2020 The Telegraph. The promoters and directors of ductile iron pipe maker Electrosteel Castings bought close to 1.02 crore shares from the market in the run up to the announcement of a proposed merger with an associate company. Last Updated at June 8, 2018 07:04 IST. Analyze Electrosteel Steels Today Share Price & take your investment decision. Its today's share price is 31.05. However, after hitting a high, the ECL stock came off sharply to close the day at Rs 21.50, losing by close to 20.5 per cent. “Anybody who is in possession of unpublished price sensitive information must not use it. The sharp volatility prompted BSE to seek clarification from ECL on Tuesday. Electrosteel Steels Ltd. was incorporated in the year 2006. On October 5, ECL informed the bourses that it intended to merge Srikalahasthi Pipes Ltd, an associate company of Electrosteel Casting based in Andhra Pradesh, with itself. Exclusive content, features, opinions and comment - hand-picked by our editors, just for you. Unlimited access to all content on any device through browser or app. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. In all, they acquired shares worth Rs 17.36 crore up to September 29, 2020, translating into 2.35 per cent of the equity capital of the company. Your support through more subscriptions can help us practise the journalism to which we are committed. Electrosteel Steels Ltd Live BSE Share Price today, Esl latest news, 533264 announcements. industry. Unclaimed Share Application Money Transferred to IEPF Unclaimed Share Application Money as on 23rd September 2016 Unclaimed Share Application Money as on 11th September 2015 Unclaimed Share Application Money as on 16th September, 2014 Unclaimed Share Application Money as on 23rd July, 2013 Unclaimed Share Application Money as on 7th August, 2012 Unclaimed Share Application Money … Enjoy Reading! Shareholders of Electrosteel Steels, which has been acquired by the London-listed Vedanta group in an insolvency auction, are set to end up with peanuts. While ECL had a turnover of Rs 2,479.89 crore, SPL clocked Rs 1,662.9 crore in 2019-20. f) Consequent to the above allotment and consolidation of shares, the equity share capital of the company stands at Rs. Backed by the steady purchase of shares in the run up to the merger deal, the shareholding rose to 55.19 per cent at the end of September 30, 2020. A statement issued by Electrosteel to the BSE on 5 June read: “As per the resolution plan, the shareholders of the company will be paid Rs 0.19 per equity share they hold as on date (pre-capital reduction price).” Not surprisingly then, the shares of Electrosteel have been hitting lower circuit in the past two days. At least 60 listed entities are at various stages under the Insolvency and Bankruptcy Code. Electrosteel Consolidated March 2020 Net Sales at Rs 712.64 crore, down 5.91% Y-o-Y. Shareholders of Electrosteel Steels, which has been acquired by the London-listed Vedanta group in an insolvency auction, are set to end up with peanuts. The merger will be done through a share swap deal under which shareholders of SPL will get 59 shares of ECL of face value Re 1 for every 10 shares of face value Rs 10 held in SPL. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. All rights reserved. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Esl financial results, Esl shareholding, Esl annual reports, Esl pledge, 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. But since the price offered is way lower ... Key stories on business-standard.com are available to premium subscribers only. Vedanta will now become the new promoter. I do not understand why people are buying shares of the companies which under IBC have been referred to NCLT. The Electrosteel Castings PE ratio based on its reported earnings over the past 12 months is 89.86. Find latest Electrosteel Steels Share Price or Stock Price on both NSE & BSE. 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The product is a monthly auto renewal product. Kindly visit the Manage my subscription page to discover the benefits of this programme. A statement issued by Electrosteel to the BSE on 5 June read: “As per the resolution plan, the shareholders of the company will be paid Rs 0.19 per equity share they hold as on date (pre-capital reduction price).” Electrosteel Steels was the first company to resume trading after a week following the implementation of resolution plan. It must have taken at least a month or more, during which the shares were bought,” Subramanian said while responding to a question from The Telegraph. For instance, consider the delisting case of Electrosteel Steels which was acquired by Vedanta Group. Get a daily email with all the news updates on them. The stock of SPL tanked 18 per cent to Rs 109.50 on the … The good news is acquirer Vedanta Star, a wholly owned subsidiary of the London-listed Vedanta Resources Plc, will pay shareholders close to 19 paise per … Electrosteel Steels Ltd. share price live updates on The Economic Times. Get Electrosteel Steels Ltd. live share price, historical charts, volume, market capitalisation, market performance, reports and other company details. The stock had closed at Rs 16.07 a share on August 25, when the promoter group started buying through market purchase. On October 5, ECL informed the bourses that it intended to merge Srikalahasthi Pipes Ltd, an associate company of Electrosteel Casting based in Andhra Pradesh… The Group has successfully forayed into Steel Making with an Integrated Steel & DI Pipe Plant at Bokaro, commissioned in consultation with reputed international agencies. The PE ratio (or price-to-earnings ratio) is the one of the most popular valuation measures used by stock market investors. Nobody is going to give any value for existing shares. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Track the industry of your choice with a daily newsletter specific to that ECL stock hit a 52-week high on the bourses on October 5, rising prodigiously at the end of September. (ARP) by NCL (iv) And finally, the company was acquired by Vendanta in … “The problem in India is that there is a lack of fear among the promoters about the market regulator, which creates its own problem,” Subramanian argued. Data available with the stock exchange — filed under section 7(2) of Prohibition of Insider Trading Regulations, 2015 — reveals 25 transactions involving promoter group entities and directors starting from August 25. The Kejriwal family from Calcutta held 52.41 per cent stake in ECL as on June 30, 2020. Two things will happen: The lenders of Electrosteel will get some part (but not all) of the debt returned to them. We have with us for reference the settlement of Electrosteel Steel. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. Its current market capitalisation stands at Rs 6091 Cr. The company will get a new promoter (Vedanta) In all, they acquired shares worth Rs 17.36 crore up to September 29, 2020, translating into 2.35 per cent of the equity capital of the company. This product is a monthly auto renewal product. Electrosteel Castings Limited G. K. Tower, 19 Camac Street, Kolkata 700 017 Email: companysecretary@electrosteel.com Phone: +91 33 2283 9990. Track the industry of your choice with a daily newsletter specific to that industry. Data available with the stock exchange — filed under section 7(2) of Prohibition of Insider Trading Regulations, 2015 —  reveals 25 transactions involving promoter group entities and directors starting from August 25. Jun 15, 17:51. Text messages sent to Umang Kejriwal, managing director of the company, also failed to elicit any response. The company had on Tuesday spelled out steps to be taken for completion of its takeover by Vedanta Star Ltd, an arm of mining giant Vedanta which won the bid to acquire the stressed firm. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. To cancel, communicate from your registered email id and send the mail with the request to, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). SPL shareholders will receive 59 equity shares of ECL for every 10 equity shares held in the company. A merger would not have happened overnight. Check out why Electrosteel Steels Ltd. share price is today. Feb 14, 09:09. Electrosteel Castings: Promoters’ share buying stirs disquiet. In all, they acquired shares worth Rs 17.36 crore up to September 29, 2020, translating into 2.35 per cent of the equity capital of the company. Electrosteel Standalone March 2020 Net Sales at Rs 622.43 crore, down 7.55% Y-o-Y. It rose to Rs 27 during the market hours on October 5, representing a gain of 68 per cent in a little over one month. Support quality journalism and subscribe to Business Standard. Mumbai/Kolkata  That’s the bad news. The company offered a delisting price of only 19 paise per share while the Electrosteel shares were trading at around Rs 26 in the stock exchange platform at the time of announcement. The merger terms say that ECL, as promoter of SPL, will be excluded from the share swap deal. “We would seriously be evaluating options in Karnataka (where Vedanta has) iron-ore mines. The company replied that it understands that the significant price movement may be due to the intimation of the draft merger scheme with SPL. MUMBAI: Vedanta’s Electrosteel Steels is evaluating a greenfield project in Karnataka while it is in the process of doubling capacity in its Bokaro steel plant to 3 million tonnes in the next two years at a cost of about Rs 5,000 crore, CEO Pankaj Malhan told ET in an interview. Exclusive content, features, opinions and comment – hand-picked by our editors, just for you. Stay on top of your investments. Track stock prices in your portfolio. Pick 5 of your favourite companies. Get Electrosteel Castings Ltd. live share price, historical charts, volume, market capitalisation, market performance, reports and other company details. He said the management had no information about it. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. 19,61,67.34 lakhs divided into 196,16,73,420 equity shares of Rs.10 each. There’s good news and bad news for shareholders of Electrosteel Steels Ltd. Topics Get detailed Electrosteel Steels Ltd. stock price news and analysis, Dividend, Bonus Issue, Quarterly results information, and more. Shares shall be discontinued with effect from December 13, 2018, and that the Equity Shares shall be delisted from BSE and NSE with effect from December 20, 2018 (“ BSE Date of Delisting ”) and December 20, 2018 … The fact that promoters were buying shares leading up to the announcement calls for a suo motu investigation by the market regulator Sebi, said Shriram Subramanian of InGovern, a proxy advisory and corporate governance firm. Under the proposed scheme, the shareholding of the promoter group will dip to 44.01 per cent in the merged entity. Not that the share price is anything to write home about. This newspaper reached out to Ashutosh Agarwal, executive director (group finance) and CFO of ECL for comment. Mr. Ashutosh Agarwal Executive Director (Group Finance) and CFO Electrosteel Castings Limited G. K. Tower, 19 Camac Street, Kolkata 700 017 Email: companysecretary@electrosteel.com Phone: +91 33 2283 9990 To cancel, communicate from your registered email id and send the email with the cancellation request to. Zero - that is a possibility, due to the fact that Tata Steel has bought Bhushan Steel. Share Price, Corporate Actions, Valuation, Research Report, Financials and more - complete track record of Electrosteel Steels Ltd.. From India's independent mutual fund research house Tata Steel taking over Bhushan Steel, JSW Steel acquiring Monnet Ispat and Vedanta buying Electrosteel Steels are instances of early success stories … As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. New Delhi: Electrosteel Steels, undergoing the insolvency resolution process, has allotted equity shares worth Rs 7,400 crore to lenders as loan conversion, with SBI getting the largest chunk -- about 37 percent. The shares are currently trading at ₹21.5. We believe in free, fair and credible journalism. Other company details 196,16,73,420 equity shares of Rs.10 each 60 listed entities are at various under... Who have subscribed to our online content promoter of SPL, will be auto renewed, may. Identified by RBI for immediate Bankruptcy proceedings Private Ltd. all rights reserved investment decision Electrosteel Consolidated March 2020 Net at! Group finance ) and CFO of ECL for every 10 equity shares held in the without. He said the management had no information about it better and more relevant content offered way. ’ share buying stirs disquiet returned to them, reports and other company details crore. 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