Vedanta Star to make delisting offer to Electrosteel’s shareholders

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Mumbai, June 6 (IANS) Electrosteel Steels on Tuesday said that Vedanta Star will make a “delisting offer” after the competition of transaction steps.

“The equivalent per share exit price post completion of Transaction Steps is INR 9.54 per equity share,” the company said in a BSE filing.

According to the filing, since the liquidation value of the company “as determined by the Resolution Professional is not sufficient to cover the debt of the financial creditors of the company in full, the liquidation value of the company in the hands of equity shareholder of the company is nil”.

“However, as per the Resolution plan, the shareholder of the company will be paid INR 0.19 per equity share they hold as on date,a the filing said.

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