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Electrosteel Steels rallies 13% as six players submit expression of interest for acquisition

Electrosteel Steels has a debt of about Rs 11,000 crore that owed to a consortium of banks led by SBI.
Oct 13, 2017 / 01:31 PM IST
 
 
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Electrosteel Steels share price rallied 13.4 percent intraday Friday as sources told CNBC-TV18 that six players have submitted expression of interest for buying stake in company.

Tata Steel, Mesco Steel and Dalmia Group among others are in race to acquire stake in Electrosteel Steels that included in 12 NPA accounts identified by RBI in June under insolvency bankruptcy code.

It is learnt that the committee of creditors will meet next week to discuss expression of interest & offers.

Electrosteel Steels has a debt of about Rs 11,000 crore that owed to a consortium of banks led by SBI.

SREI Infrastructure is one of the unsecured lenders to Electrosteel Steels.

At 12:57 hours IST, the stock price was quoting at Rs 4.98, up Rs 0.42, or 9.21 percent on the BSE.
first published: Oct 13, 2017 01:31 pm

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