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Electrosteel Steels jumps on buzz of PEL, Renaissance Group jointly picking 51% stake

ESL Steel Ltd. | Steel & Iron Products | Metals & Mining | BSE: 533264 | NSE: ELECTROSL

28 Dec 2016 Evaluate

Electrosteel Steels is currently trading at Rs. 3.50, up by 0.28 points or 8.70% from its previous closing of Rs. 3.22 on the BSE.

The scrip opened at Rs. 3.59 and has touched a high and low of Rs. 3.59 and Rs. 3.38 respectively. So far 12,79,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 4.50 on 27-Jan-2016 and a 52 week low of Rs. 2.42 on 29-Jun-2016.

Last one week high and low of the scrip stood at Rs. 3.60 and Rs. 3.08 respectively. The current market cap of the company is Rs. 843.23 crore.

The promoters holding in the company stood at 45.23%, while Institutions and Non-Institutions held 29.68% and 25.09% respectively.

Ajay Piramal-led Piramal Enterprises (PEL) and the Renaissance Group, an offshoot of the Dalmia Group, are reportedly jointly purchasing a 51% stake in Electrosteel Steels. While Piramal Enterprises is expected to invest Rs 1,400 crore in Electosteel Steels through its private equity arm Piramal Capital, the Renaissance Group will manage the operations.

Electrosteel Steel’s gross debt at the end of March 2016 was Rs 8,808 crore. The company reported a net loss of Rs 326 crore on the back of Rs 2,504 crore in revenues in FY16 with interest expenses rising to Rs 525 crore.

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.

ESL Steel Share Price

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Electrosteel Steels jumps on buzz of PEL, Renaissance Group jointly picking 51% stake

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