No lender has approached to take control: Electrosteel
08/07/2015 11:34

Kolkata-based Electrosteel Steels Ltd has clarified with reference to the news flashed on CNBC TV 18 on July 7, 2015 captioned "Electrosteel Steels under SRD; lenders to take control".

"We would like to inform you that no lenders have approached the company for the same," the company said in a filing to the Bombay Stock Exchange, after reports that lenders may take over the control of the company.

The company further said it "affirms that it follows highest standard of corporate governance and maintains transparent policy by disseminating all information to all its stakeholders". It was reacting to reports that a group of lenders, which have an exposure to the steelmaker, may take the SDR route to recover their money.

The firm has been under a corporate debt restructuring scheme (CDR) since 2013 with a debt of more than Rs 6,000 crore.

Meanwhile, shares of the company were trading at Rs 3.92 a piece, up 1.55 per cent from the previous close at 11:29 hours on BSE.