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Electrosteel Steels gains on inking CDR pact with SBI-led consortium

24 Dec 2013 Evaluate

Electrosteel Steels is currently trading at Rs 3.92, up by 0.17 points or 4.53% from its previous closing of Rs 3.75 on the BSE.

The scrip opened at Rs 3.98 and has touched a high and low of Rs 4.00 and Rs 3.83 respectively. So far 105721 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 7.39 on 07-Jan-2013 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 3.95 and Rs 3.55 respectively. The current market cap of the company is Rs 857.20 crore.

The promoters holding in the company stood at 39.64% while Institutions and Non-Institutions held 1.65% and 58.71% respectively.

In a bid to restructure its Rs 6,800-crore long-term debt, Electrosteel Steels has inked pact with SBI-led consortium of 27 bankers. Under the corporate debt restructuring (CDR) programme, the existing debt will be repaid over a 10-year period. The package offers 31 months’ moratorium on repayment of principal long-term debt and 24 months’ moratorium on interest payments.

Further, the company will get a new term loan of around Rs 1,100 crore to complete the balance production facilities and nearly Rs 200 crore working capital refinance.

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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