Dalmia Bharat consortium emerges as highest bidder for Binani Cement
A consortium of Dalmia Bharat and Bain Piramal Resurgence Fund emerged the top bidder for Binani Cement, beating Aditya Birla Group’s UltraTech Cement which was also in the fray for the debt-laden cement maker, according to media reports.
After a four-hour meeting held in Mumbai on Tuesday, lenders led by Bank of Baroda decided to vote for the Dalmia Bharat consortium as the highest bidder, the reports said.
This will probably the first debt resolution under the bankruptcy court where lenders will not have to take any cut on the loans outstanding from the company. Bank of Baroda had referred Binani Cement to the bankruptcy court after it failed to repay Rs 410 crore to the lender.
The consortium of Dalmia Bharat and the fund of Bain Capital and the Piramals offered to repay the entire arrears of secured and unsecured lenders, amounting to Rs 6,313 crore. It also agreed to make part payments to operational creditors.