Electrosteel Steels Gains As Vedanta Wins Acquisition Bid — Shares of the Kolkata-based steel producer rose as much as 6.7 percent to Rs 2.56 after Vedanta agreed to buy Electrosteel Steels, the company informed the exchanges.
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The deal closure however is subject to regulatory approval. Earlier, Tata Steel Ltd., Renaissance Steel India and Edelweiss Alternative Asset Advisors had submitted resolution plans for the company, according to an earlier stock exchange filing.