ESL Steel Limited Unlisted Shares

 

Electrosteel Steels Ltd has built a Greenfield Integrated Steel Plant with a capacity of 2.51 million tonnes per year (MTPA) in Siyaljori village in Jharkhand’s Bokaro district. Sinter Plant, Coke Oven, Blast Furnace, Basic Oxygen Furnace, Billet Caster, Wire Rod Mill, Bar Mill, and Power Plant are the main components. By bringing in worldwide knowledge and solutions from reputable manufacturers, ESL has achieved excellence at every level of manufacturing. The factory uses cutting-edge technology while adhering to the strictest environmental regulations.

ESl Steel Limited is a private corporation that was founded on December 20, 2006. It is a public limited corporation with headquarters in Bokaro, Jharkhand. It has a total paid-up capital of INR 1,849.03 crore and an authorized share capital of INR 10,020.00 crore.

The Company’s Board of Directors has been reconstituted on June 4, 2018, i.e. the effective date with nominees of Vedanta being inducted as a member of the Board. 

The purchase of ESL fits within Vedanta’s forward integration plan, it added, complementing the company’s existing iron ore operations as well as mines in Jharkhand. Since its acquisition, the company has experienced a total turnover, thanks to a combination of the right personnel, increased volumes, and improved cost control, all of which have resulted in a noticeable positive improvement.

Vedanta Star Limited (a wholly-owned subsidiary of Vedanta Limited) deposited Rs. 532,000.00 lakh in an escrow account (the “Escrow Account”) of the Company on June 04, 2018, for payment to financial creditors of the entire amount of sustainable debts in terms of the ARP out of the total Outstanding amount of Rs. 12,71,913.21 lakhs, which was remitted to them on June 21, 2018.

Vedanta acquired the firm in 2018 and delisted it from the stock exchanges. The proposed delisting price was Rs.9 per share. The company’s financial performance has improved tremendously since then.

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