In order to consolidate its position in the ductile iron (DI) pipe industry, the boards of Kolkata-based Electrosteel Castings (ECL) and its associate company Srikalahasthi Pipes (SPL) approved a scheme of amalgamation, proposing that shareholders of SPL receive 59 equity shares of ECL for every 10 equity shares held in SPL. The scheme would be subject to stakeholders’ and regulatory authorities’ approval and the merger process is likely to be completed by the end of this fiscal’s third quarter. Both ECL and SPL are listed with the BSE and NSE.
Electrosteel Castings Limited (ECL) is a listed company and it engaged in the manufacture and supply of Ductile Iron (DI) Pipes, Ductile Iron Fittings (DIF) and Cast iron (CI) Pipes as its core business and produces and supplies Pig Iron, in the process. It also produces Metallurgic Coke, Sinter and Power for captive consumption.
Srikalahasthi Pipes Limited (SPL) is a listed company and it engaged in the manufacture and supply of Ductile Iron Pipe as its core business and in the process produces and supplies Pig Iron and Cement. It also produces Low Ash Metallurgical Coke, Sinter and Power for captive consumption in its integrated complex. SPL is an associate company of ECL.
SPL is proposed to be merged with ECL through scheme of merger. Appointed Date for the same is 01st October 2020.
Exchange ratio: 59 shares of ECL of Rs 1 each for Every 10 Shares of SPL of Rs 10 each.
Shareholding pattern (Pre & Post Merger)
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