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Electrosteel Steels soars on getting nod for proposal of restructuring

30 Sep 2013 Evaluate

Electrosteel Steels is currently trading at Rs. 4.13, up by 0.13 points or 3.25% from its previous closing of Rs. 4.00 on the BSE.

The scrip opened at Rs. 4.00 and has touched a high and low of Rs. 4.44 and Rs. 3.92 respectively. So far 2, 65,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 9.10 on 05-Oct-2012 and a 52 week low of Rs. 2.56 on 29-Jul-2013.

Last one week high and low of the scrip stood at Rs. 4.15 and Rs. 3.37 respectively. The current market cap of the company is Rs. 903 crore.

The promoters holding in the company stood at 39.64% while Institutions and Non-Institutions held 1.67% and 58.70% respectively.

Electrosteel Steels’ proposal for restructuring of its debts to the tune of Rs. 6181.20 crore has been approved by CDR EG under the CDR mechanism from cut off date of March 01, 2013. The term loan outstanding of Non-CDR lenders amounting to Rs 611.91 crore will be outside the purview of CDR.

Electrosteel Steels is engaged in the manufacturing solutions for water supply and sewerage systems. ECL has been certified for ISO 9001:2000 standard by different bodies such as IRQS and BSI for the manufacture of DI pipes for water, sewerage, gas and ash transportation.

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