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Stock Report
Electrosteel Castings updates on amalgamation of Srikalahasthi Pipes Limited
Posted On : 2021-09-13 13:31:58( TIMEZONE : IST )
The Board of Directors of ECL and SPL at their respective Board Meetings held on 05th October 2020, approved the Draft Scheme of Amalgamation of SPL with ECL and their respective Shareholders & Creditors ('Scheme').
Mr. Ashutosh Agarwal, Executive Director (Group Finance) and CFO of the Company, informed that the Competition Commission of India had accorded their approval to the aforesaid Scheme on 27th November 2020.
Both the Stock Exchanges, i.e., National Stock Exchange of India Limited and BSE Limited have issued their 'Observation Letter for Draft Scheme of Amalgamation of Srikalahasthi Pipes Limited and Electrosteel Castings Limited and their respective Shareholders & Creditors' dated 25th February 2021 to the respective applications filed by both the Companies.
Pursuant to the Order of the National Company Law Tribunal ('NCLT'), Amravati Bench, Meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of SPL was held on 16th June 2021. The Equity Shareholders, Secured Creditors and Unsecured Creditors had approved the Scheme by way of requisite majority.
Pursuant to the Order of the NCLT, Cuttack Bench, Meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of ECL was held on 1 oth September 2021. The Equity Shareholders, Secured Creditors and Unsecured Creditors had approved the Scheme by way of requisite majority.
Final consent of NCLT, Cuttack Bench and NCLT, Amravati Bench sanctioning the proposed Scheme is pending which will be received shortly for completion of the Merger process.
Shares of Electrosteel Castings Ltd., was last trading in BSE at Rs. 39.95 as compared to the previous close of Rs. 38.65. The total number of shares traded during the day was 304101 in over 1007 trades.
The stock hit an intraday high of Rs. 40.25 and intraday low of 38.35. The net turnover during the day was Rs. 12032932.
Shares of Srikalahasthi Pipes Limited was last trading in BSE at Rs. 226.5 as compared to the previous close of Rs. 221.5. The total number of shares traded during the day was 34314 in over 1600 trades.
The stock hit an intraday high of Rs. 227 and intraday low of 219.5. The net turnover during the day was Rs. 7701000.
