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Electrosteel Steels zooms after lenders approve debt restructuring package

09 Dec 2015 Evaluate

Electrosteel Steels is currently trading at Rs. 4.17, up by 0.24 points or 6.11% from its previous closing of Rs. 3.93 on the BSE.

The scrip opened at Rs. 4.10 and has touched a high and low of Rs. 4.43 and Rs. 4.05 respectively. So far 1555760 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 5.48 on 16-Dec-2014 and a 52 week low of Rs. 2.05 on 08-Sep-2015.

Last one week high and low of the scrip stood at Rs. 4.10 and Rs. 3.30 respectively. The current market cap of the company is Rs. 999.83 crore.

The promoters holding in the company stood at 45.23 % while Institutions and Non-Institutions held 0.79 % and 53.98 % respectively.

It has been reported that a consortium of lenders approved part conversion of Electrosteel Steels' debt into equity shares under the debt restructuring package. The board of the company too considered and approved increase in authorised share capital of the company pursuant to SDR package, subject to approval of the shareholders and such other approvals as may be required.

Electrosteel Steels is an India-based company engaged in the manufacture of steel. The Company’s products include pig iron, billets, thermo mechanically treated (TMT) bars, wire rods and ductile iron pipes. It consists of a sinter plant, pellet plant, coke oven, blast furnace, basic oxygen furnace, billet caster, wire rod mill, bar mill and power plant.

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