Held on 13 April 2016
Electrosteel Steels announced that the Board of Directors of the Company at its meeting held on 13 April 2015 has considered and approved the following -Annual business plan for FY 2016-17 with estimated/ expected annual turnover of around Rs 4500 crore, which in terms of goods sold in tonnes vis-vis financial year FY 2015-16 is expected to be more than 25%. The Company at present is producing pig iron, billets, TMT bars, Wire rod and Ductile Iron pipes. During the financial year 2015-16, the overall sales of the Company vis-vis financial year 2014-15 in terms of product sold in tonnes has increased by more than 78%.
Allotment of equity shares of the Company on preferential basis at face value of Rs 10 each for consideration other than cash on private placement basis to Shandong Province Metallurgical Engineering Co., China against amount payable but not due to the Company on account of retention, pending successful completion and/ or performance guarantees test of various capital equipment supplied for the Company's plant aggregating to US 22.68 million not exceeding Rs 150 crore, subject to approval of the lenders and shareholders of the Company and such other approvals, premissions as may be required in connection thereof.
Powered by Capital Market - Live News
