Binani Cement acquisition: UltraTech raises bid to Rs 7990 Cr

Binani Cement acquisition: UltraTech raises bid to Rs 7990 Cr
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New Delhi, Apr 16: Taking its intentions clear in the Binani Cements acquisition saga, UltraTech Cement has made yet another improved offer, sources privy to the development told Moneycontrol.
“Yes, the offer is at Rs 7,990 crore. Earlier it was Rs 7,266 crore and it was increased to Rs 7,610 crore to include the interest foregone by the lenders after Binani Cements was admitted under the NCLT. Now, it has been increased further to Rs 7,990 crore and includes funds for working capital,” a source close to Binani Industries told Moneycontrol.
UltraTech had earlier lost out to a Dalmia Bharat-led consortium in bidding for Binani.
The company reportedly made the offer to the resolution professional on Saturday. UltraTech’s earlier offer was of Rs 7,266 crore to top the winning Rs 6,700 crore bid by Dalmia-led group. Binani Industries then sought the Supreme Court’s intervention to scrap the resolution process under Insolvency and Bankruptcy Code.
It said the UltraTech offer would allow the promoters to repay all dues and settle with lenders outside of the bankruptcy court process. But the apex court on Friday forced it to withdraw the petition and said the matter by the National Company Law Appellate Tribunal.
However, SC on April 19 will hear another plea by a group of operational creditors backing the highest offer.