UltraTech Cement has increased its offer to acquire debt-laden Binani Cement to Rs 7,990 crore from the earlier Rs 7,266 crore, a financial daily reported.
The Economic Times said the increased bid for Binani Cement will cover the interest on loans forgone by the lenders when the company was admitted to the bankruptcy court.
Citing a bank official, the report said that the offer was attractive, but may not be admissible given it was made after the bidding process ended.
In March, the Committee of Creditors had approved a resolution plan submitted by a consortium of Dalmia Bharat Ltd and Bain-Piramals India Resurgence Fund, which had agreed to pay Rs 6,300 crore to Binanis lenders and for capital infusion into the company.
Last…
Read the full article at: https://www.vccircle.com/ultratech-ups-offer-for-binani-cement-icici-lombard-leads-race-for-star-health/