Lenders to get 7.6% stake in Electrosteel Steels after Vedanta takeover

Electrosteel acquisition would complement the Group's existing iron ore business, which comprises mining operations in Karnataka and Goa and a pig iron plant in Goa

Lenders will get 7.6 per cent stake in Jharkhand-based steel mill Electrosteel if Vedanta’s bid to take over the company goes through.
 
Mining baron Anil Agarwal-led Vedanta Resources, which owns 50.1 per cent of Mumbai-listed Vedanta, has sought shareholders nod for the takeover of Electrosteel Steels for a total consideration of Rs 53.20 billion.
 
In a notice calling for a shareholders meeting on May 18 for the approval of the acquisition, London-listed Vedanta Resources said the Kolkata Bench of the National Company Law Tribunal (NCLT) had on April 17 approved bid of its unit, Vedanta for takeover of