UltraTech offers revised bid of Rs. 7,840 crore for Binani cement

UltraTech offers revised bid of Rs. 7,840 crore for Binani cement
07/05/2018 , by , in ALLIED

UltraTech Cement made a revised bid of Rs. 7,840 crore for Binani Cementfollowing an order by the bankruptcy court that its lenders should consider the offer even though it had lost out to the Dalmia Bharat team, people aware of the development said.

The company said on Sunday it submitted a fresh offer for debtladen Binani to meet the National Company Law Tribunal’s May 5 deadline. UltraTech declined to comment on the bid amount.

The lenders are expected to meet on Monday to discuss Ultra-Tech’s new bid. If they accept UltraTech’s offer, it would be the first such deal to ensure that not only all secured, unsecured and operational creditors are fully paid, but also the Braj Binani family, the main equity holders.

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