your password has been reset successfully, Please login again.

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.

Please add your Comment
SIMILAR News
June 22, 2018
He may be still eligible to get about 6.95 million dollar in deferred compensation, retirement payme ...More
By Sanjana Surbhi
June 22, 2018
The latest funding, led by Naspers and billionaire Yuri Milner’s DST Global, values Swiggy at roughl ...More
By Sanjana Surbhi
June 22, 2018
Mittal was the third business leader from India in the history of ICC to be appointed as the Chairma ...More
By Sanjana Surbhi
June 22, 2018
Nokia has selected HCL Technologies as part of an important effort of streamlining Nokia’s outsource ...More
By Sanjana Surbhi
June 13, 2018
It announced in April to bring its stake to 21 percent ...More
By Sanjana Surbhi
June 13, 2018
The fund plans to invest in seven to eight startups this year ...More
By Sanjana Surbhi
June 12, 2018
About 80% of V-Mart’s stores are located in cities with a population below one million ...More
By Sanjana Surbhi
June 08, 2018
Sunil Sood has been the MD and CEO of Vodafone India since April 2015 ...More
By Sanjana Surbhi
June 08, 2018
Reliance is set to become one of the largest non-conventional gas producers in India through the pro ...More
By Sanjana Surbhi
June 01, 2018
Sequoia India, which first invested in Pine Labs in 2009, remains the company’s largest shareholder ...More
By Sanjana Surbhi
June 01, 2018
Maiya initially raised funds from Ascent Capital and later from Peepul Capital ...More
By Sanjana Surbhi
May 31, 2018
WeWork operates nearly 1-million-sqft space at present and has a million sqft more signed up already ...More
By Sanjana Surbhi