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| Exchange Received Time 04/06/2018 18:44:45 Exchange Disseminated Time 04/06/2018 18:44:48 Time Taken 00:00:03 | Pursuant to the order dated May 30, 2018 of National Company Law Appellate Tribunal, Vedanta Limited is implementing the approved Resolution Plan for Electrosteel Steels Limited ('ESL'). Accordingly, Vedanta Star Limited ('VSL'), a wholly owned subsidiary of our Company, has deposited the upfront amount of INR 5,320 crore in escrow account of ESL and June 4, 2018 has been determined to be the 'Effective Date' under the Resolution Plan.
The Company has acquired control over ESL and a new board of directors has been put in place.
Investment from VSL in ESL shall be done through a combination of equity of Rs 1,765 crore and inter-corporate loan of Rs 3,555 crore. |
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