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UltraTech Cement gains 1% after Binani Cement lenders opted for the UltraTech offer

The bid by UltraTech is nearly Rs 1,000 crore higher than the offer by Dalmia Bharat Group
BY BEx Bureau
BusinessEx
May 29, 2018

Shares of UltraTech Cement gained1 percent in the opening trade on Tuesday as Binani Cement's lenders accepted the UltraTech offer.

Binani Cement, which owes Rs 6,469 crore to its financial creditors, is among the top 12 companies referred by the Reserve Bank of India for insolvency proceedings.

The committee of creditors (CoC) of Binani Cement on May 28 voted in favour of accepting UltraTech Cements Rs 7,950 crore bid.

This comes even as the Dalmia Bharat-led consortium has moved the Supreme Court asking Aditya Birla Group's UltraTech Cement be disqualified to bid for the stressed assets of Binani Cement.

Financial creditors led by Edelweiss Asset Reconstruction Company voted to accept UltraTech Cements offer as the highest bid received under the insolvency and bankruptcy process initiated against Binani Cement

The source said all the financial lenders claim of interest would be paid as-on-date and Dalmia Group further declined to increase the bid offer.

Other lenders part of the CoC includes IDBI Bank, Bank of Baroda, Bank of India and State Bank of India (SBI).

At 09:20 hrs UltraTech Cement was quoting at Rs 3,743.00, up Rs 10.95, or 0.29 percent on the BSE.

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