Electrosteel Steels today said that it has not received any communication from lenders on further development of strategic debt restructuring/non-SDR process.
The company was replying to a clarification sought by the bourses on a news report which claimed that Piramal Enterprises and Renaissance Group, an offshoot of the Dalmia Group, were vying for a joint stake buy in Electrosteel Steels.
"The company has not received any communication from the lenders on further development of Strategic Debt Restructuring (SDR)/non SDR process and as such, cannot comment on the news," Electrosteel Steels said in a BSE filing.
Further new development, if any, as soon as it is intimated/communicated to the company by the lenders, will be disclosed/informed to the exchange as well as disseminated on the website of Electrosteel Steels, the filing added.
"We once again affirm that as a measure of good and transparent corporate governance practice, and to keep various stakeholders informed at large, the company shall keep the Exchange informed about the status/developments on the implementation of the ongoing SDR/non-SDR process as and when communicated/informed by the lenders," the filing said.
(REOPENS DCM 39)
Piramal Enterprises said in a BSE filing that no such proposal as referred to in the captioned news article has been placed for approval of the Board or any of its committees and consequently, the company regrets its inability to confirm the correctness of the captioned news item.
"Further in response to your query regarding increase in the price of company's scrip, we would like to inform you that we are not aware of any information/announcement which in our opinion may have a bearing on the price/volume behaviour in the scrip of our company," the filing said.
The company further said that from time to time it explores various investment opportunities in the ordinary course of its business.
This evaluation of opportunities includes various criteria, including technical, financial, taxation, commercial, regulatory and legal.
"Once these criteria are met, it is followed by internal approvals at various levels, post which, comes a comprehensive financial and legal diligence. Investments are made only in those projects that come out of this filtration process and which have been approved by the Board or its duly empowered Committee," the filing said.
