INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Vendata went up 2 per cent, but Electrosteel Steels dropped 5 per cent on Wednesday after the NCLT's Kolkata bench approved a Rs
5,320-crore resolution plan for the latter.
This paves the way for acquisition of Electrosteel Steels by the local unit of London-listed
The process is likely to kick off shortly.
Electrosteel Steels fell 5 per cent to hit a low of Rs 2.85 on the BSE
Vedanta, on the other hand, rose 1.57 per cent to hit a high of Rs 294.20.
Electrosteel Steels became the first of the big defaulters to
emerge from bankruptcy proceedings
The deal requires formal clearance from the Competition Commission of India and the Securities and Exchange Board of India, which is likely
in the next couple of months.
The Vedanta Group said it would make all efforts to turn the stressed asset around at the earliest.
