Is it finally curtains down on one of the country’s biggest bankruptcies to go under the hammer? The National Company Law Tribunal (NCLT) yesterday approved Tata Steel’s Rs 35,200 crore bid for the beleaguered Bhushan Steel Ltd (BSL) with debt of over Rs 56,000 crore. This is reportedly Tata Steel’s second-biggest acquisition after the Corus Group acquisition in 2007.
Tata Steel will implement the resolution plan through its wholly-owned subsidiary Bamnipal Steel Limited (BNPL). In a regulatory filing on Tuesday, Tata Steel said that as per the terms of approved resolution plan, BNPL will initially subscribe to 72.65 per cent equity share capital of BSL at face value – Rs 2 per share – for an aggregate amount of Rs 158.89 crore. “Th…
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