New Delhi, Mar 24 (PTI) Uttam Galva Steels Ltd today said it has received approvals from the BSE and NSE for declassification of world’s largest steel maker ArcelorMittal as a promoter of the company.

“…the company has received the approval of the National Stock Exchange (NSE) and BSE Ltd for declassification of ArcelorMittal Netherlands BV as a promoter of the company,” Uttam Galva Steels said in a BSE filing.

Uttam Galva Steels Ltd has offered to settle the Rs 5,654 crore loan default by paying 51 per cent of the amount upfront to public sector banks so as to abort the auctioning of the company’s assets.

The company, which is part of the Reserve Bank of India’s second list of loan defaulters who have been referred to the bankruptcy tribunal for insolvency proceedings, on March 15 wrote to the State Bank of India (SBI), proposing a “one-time settlement” of all dues of lenders “through an upfront payment mechanism”.

This is published unedited from the PTI feed.