April 17, 2018 / 12:54 PM / 3 months ago

BRIEF-Vedanta Says Co's Resolution Plan To Acquire Electrosteel Steels Approved By India's NCLT

April 17 (Reuters) - Vedanta Ltd:

* SAYS VEDANTA LIMITED’S RESOLUTION PLAN FOR ACQUISITION OF ELECTROSTEEL STEELS LIMITED APPROVED BY NATIONAL COMPANY LAW TRIBUNAL

* COMPANY WILL HOLD APPROXIMATELY 90 PERCENT OF THE PAID UP SHARE CAPITAL OF ELECTROSTEEL

* PURSUANT TO THE RESOLUTION PLAN, A WHOLLY-OWNED UNIT OF CO WILL SUBSCRIBE SHARE CAPITAL OF ELECTROSTEEL FOR INR 18.05 BILLION

* SAYS UNDER RESOLUTION PLAN, CO TO PROVIDE ADDITIONAL FUNDS OF 35.15 BILLION RUPEES BY WAY OF DEBT

* 10 PERCENT OF ELECTROSTEEL’S SHARE CAPITAL WILL BE HELD BY ELECTROSTEEL’S EXISTING SHAREHOLDERS AND FINANCIAL CREDITORS

* FUNDS RECEIVED BY ELECTROSTEEL TO BE USED TO SETTLE DEBTS OWED TO EXISTING FINANCIAL CREDITORS, BY PAYMENT OF 53.20 BILLION RUPEES

* DIRECTORS DO NOT EXPECT TRANSACTION WILL HAVE MATERIAL IMPACT ON GROUP’S EARNINGS FOR FINANCIAL YEAR ENDING 31 MARCH 2019

* CONSIDERATION PAYABLE UNDER RESOLUTION PLAN AND TRANSACTION FEES AND EXPENSES WILL BE PAID USING THE EXISTING CASH RESOURCES Source text: bit.ly/2J3mE5w Further company coverage:

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