what happened to electrosteel steel shares

CARE Ratings Limited Rating Withdrawal Letter - 14 January 2020; India Ratings & Research Private Limited Rating Letter - 29 March 2019 At least 60 listed entities are at various stages under the Insolvency and Bankruptcy Code. 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. Electrosteel Steel Limited is one of the dirty dozen identified by RBI for immediate bankruptcy proceedings. Last Updated at June 8, 2018 07:04 IST. 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. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". The Electrosteel Castings PE ratio based on its reported earnings over the past 12 months is 89.86. Topics 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. 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 The PE ratio (or price-to-earnings ratio) is the one of the most popular valuation measures used by stock market investors. 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. 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).” 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). 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. Copyright © 2020 The Telegraph. 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. He said the management had no information about it. 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. Feb 14, 09:09. The Kejriwal family from Calcutta held 52.41 per cent stake in ECL as on June 30, 2020. Track the industry of your choice with a daily newsletter specific to that industry. That’s the bad news. Its today's share price is 31.05. Zero - that is a possibility, due to the fact that Tata Steel has bought Bhushan Steel. To cancel, communicate from your registered email id and send the email with the cancellation request to. However, the shares hit the upper circuit of five per cent on NSE. “Anybody who is in possession of unpublished price sensitive information must not use it. 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. 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. Text messages sent to Umang Kejriwal, managing director of the company, also failed to elicit any response. SPL shareholders will receive 59 equity shares of ECL for every 10 equity shares held in the company. Unlimited access to all content on any device through browser or app. We have with us for reference the settlement of Electrosteel Steel. The stock had closed at Rs 16.07 a share on August 25, when the promoter group started buying through market purchase. Electrosteel Steels Ltd Live BSE Share Price today, Esl latest news, 533264 announcements. The company replied that it understands that the significant price movement may be due to the intimation of the draft merger scheme with SPL. This product is a monthly auto renewal product. This newspaper reached out to Ashutosh Agarwal, executive director (group finance) and CFO of ECL for comment. Stock analysis for Electrosteel Castings Ltd (ELSC:Natl India) including stock price, stock chart, company news, key statistics, fundamentals and company profile. 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 … Stay on top of your investments. While ECL had a turnover of Rs 2,479.89 crore, SPL clocked Rs 1,662.9 crore in 2019-20. 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. Pick 5 of your favourite companies. 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. 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 . 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. Its current market capitalisation stands at Rs 6091 Cr. 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. 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. f) Consequent to the above allotment and consolidation of shares, the equity share capital of the company stands at Rs. Mumbai/Kolkata  Monnet Ispat and Energy Ltd., taken over by JSW Steel Ltd., will resume trading after reissuing shares starting next week. The Group has successfully forayed into Steel Making with an Integrated Steel & DI Pipe Plant at Bokaro, commissioned in consultation with reputed international agencies. Electrosteel Consolidated March 2020 Net Sales at Rs 712.64 crore, down 5.91% Y-o-Y. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. 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… Exclusive content, features, opinions and comment – hand-picked by our editors, just for you. Electrosteel Steels Ltd. was incorporated in the year 2006. The sharp volatility prompted BSE to seek clarification from ECL on Tuesday. 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. 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. 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. Get detailed Electrosteel Steels Ltd. stock price news and analysis, Dividend, Bonus Issue, Quarterly results information, and more. 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The shares are currently trading at ₹21.5. Digital Editor. 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. 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. I do not understand why people are buying shares of the companies which under IBC have been referred to NCLT. 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. Tata Steel taking over Bhushan Steel, JSW Steel acquiring Monnet Ispat and Vedanta buying Electrosteel Steels are instances of early success stories … Support quality journalism and subscribe to Business Standard. A merger would not have happened overnight. Electrosteel Standalone March 2020 Net Sales at Rs 622.43 crore, down 7.55% Y-o-Y. There’s good news and bad news for shareholders of Electrosteel Steels Ltd. 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. Copyrights © 2021 Business Standard Private Ltd. All rights reserved. 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. Exclusive content, features, opinions and comment - hand-picked by our editors, just for you. Your support through more subscriptions can help us practise the journalism to which we are committed. Electrosteel Castings: Promoters’ share buying stirs disquiet. Electrosteel Insolvency  |  Vedanta  |  Nclt, Vishal Chhabria & Ishita Ayan Dutt  |  Get Electrosteel Castings Ltd. live share price, historical charts, volume, market capitalisation, market performance, reports and other company details. The merger terms say that ECL, as promoter of SPL, will be excluded from the share swap deal. 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 … “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. Electrosteel Castings Limited G. K. Tower, 19 Camac Street, Kolkata 700 017 Email: companysecretary@electrosteel.com Phone: +91 33 2283 9990. 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. Not that the share price is anything to write home about. The product is a monthly auto renewal product. 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 … Two things will happen: The lenders of Electrosteel will get some part (but not all) of the debt returned to them. 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. 19,61,67.34 lakhs divided into 196,16,73,420 equity shares of Rs.10 each. Track the industry of your choice with a daily newsletter specific to that 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. For instance, consider the delisting case of Electrosteel Steels which was acquired by Vedanta Group. Kindly visit the Manage my subscription page to discover the benefits of this programme. Enjoy Reading! Find latest Electrosteel Steels Share Price or Stock Price on both NSE & BSE. 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. Electrosteel Steels was the first company to resume trading after a week following the implementation of resolution plan. Analyze Electrosteel Steels Today Share Price & take your investment decision. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. “We would seriously be evaluating options in Karnataka (where Vedanta has) iron-ore mines. Get a daily email with all the news updates on them. Under the proposed scheme, the shareholding of the promoter group will dip to 44.01 per cent in the merged entity. Used by stock market investors rights reserved content can only help us achieve the goals of offering even... Clarification from ECL on Tuesday from ECL on Tuesday Consolidated March 2020 Net Sales at Rs 6091.! Fact that Tata Steel has bought Bhushan Steel only help us practise the to! You even better and more your registered email id and send the email with all the updates... Least 60 listed entities are at various stages under the Insolvency and Bankruptcy Code the settlement Electrosteel. 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