Exchanges approve reclassification of erstwhile Electrosteel Steels' promoter

Electrosteel Steels Ltd (ESL) Tuesday said that exchanges BSE and NSE have approved reclassification of the erstwhile promoter of the company Electrosteel Castings Limited to public category shareholder.

Post re-classification of promoter, Vedanta Star Ltd, the sole promoter of Electrosteel Steels Limited is holding 90 per cent of paid up share capital of the company, ESL said in a BSE filing.

"We would like to inform you that BSE Limited and National Stock Exchange of India Limited, have vide their letter dated 25th September, 2018 have inter alia approved the reclassification of the erstwhile promoter of the company, i.e. Electrosteel Castings Limited, to the public category shareholder," it added.

Earlier, metals and mining giant Vedanta had acquired management control of debt-laden Electrosteel Steels.

In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for ESL under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.