Electrosteel Castings will hold a meeting of the Board of Directors of the Company on 12 November 2020.

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The Board of Electrosteel Castings at its meeting held on 05 October 2020 has approved the proposed draft Scheme of Amalgamation amongst Srikalahasthi Pipes (SPL) and the Company and their respective shareholders and creditors (Scheme of Amalgamation), underthe provisions of Sections 230 to 232 of the Companies Act, 2013.

The draft Scheme of Amalgamation provides for transfer and vesting of the entire undertaking of SPL into the Company and the dissolution of SPL without winding up, upon the Scheme of Amalgamation becoming effective, in accordance with Section 2(1 B) of the Income Tax Act, 1961and Sections 230 to 232 of the Companies Act, 2013 (Amalgamation). The Appointed Date for Amalgamation under the Scheme is 1 October, 2020.

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Gujarat Ambuja Exports Ltd, Cineline India Ltd, Texmo Pipes & Products Ltd and Prajay Engineers Syndicate Ltd are among the other gainers in the BSE's 'B' group today, 01 October 2020.

Electrosteel Castings Ltd surged 14.43% to Rs 23.4 at 12:09 IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 2.63 lakh shares were traded on the counter so far as against the average daily volumes of 1.34 lakh shares in the past one month.

Gujarat Ambuja Exports Ltd spiked 12.24% to Rs 121.5. The stock was the second biggest gainer in 'B' group. On the BSE, 53155 shares were traded on the counter so far as against the average daily volumes of 12939 shares in the past one month.

Cineline India Ltd soared 11.65% to Rs 30.2. The stock was the third biggest gainer in 'B' group. On the BSE, 27727 shares were traded on the counter so far as against the average daily volumes of 4536 shares in the past one month.

Texmo Pipes & Products Ltd advanced 10.00% to Rs 15.51. The stock was the fourth biggest gainer in 'B' group. On the BSE, 18387 shares were traded on the counter so far as against the average daily volumes of 9404 shares in the past one month.

Prajay Engineers Syndicate Ltd rose 9.98% to Rs 6.72. The stock was the fifth biggest gainer in 'B' group. On the BSE, 1.34 lakh shares were traded on the counter so far as against the average daily volumes of 2913 shares in the past one month.

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Electrosteel Castings has appointed Sunil Katial (DIN: 07180348) as a Whole-time Director of the Company and Rajkumar Khanna (DIN: 05180042) as an Independent Director of the Company.

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