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Shares of Electrosteel Steels rose as much as 5 per cent to Rs 6.75, their highest since November 8, as a media report said that Anil Agarwal-led Vedanta has submitted the highest bid for the company. The bid was ahead of that of Tata Group's, said two people aware of the matter.
Vedanta Ltd has submitted the highest bid for Electrosteel with an offer worth around Rs 4,500 crore ($709.19 mln). The offer may include an additional “sweetener", the report said, citing one of its sources.
Electrosteel Steels and Vedanta did not immediately reply to e-mailed queries from Reuters.
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