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UltraTech's Rs 7,266 crore ($ 1.01 trillion) will provide fetch it 98.43 per cent of Binani Cement.
National Company Law Appellate Tribunal (NCLAT) has ruled that UltraTech Cement's more than $ 1 trillion bid for the cement unit of Binani Industries Ltd. was valid, UltraTech said on Wednesday. UltraTech offered to buy Binani Cement in March after its parent Binani Industries approached UltraTech to arrange funds for paying-off bank debts and other liabilities, in a bid to terminate the insolvency proceeding against its unit.
The NCLAT dismissed an appeal by Rajputana Properties Private Ltd, owned by Dalmia Bharat Ltd, saying it is a step forward, but I think it is not a said Murtuza Arsiwalla, a senior badyst with Kotak Institutional Equities in Mumbai
Dalmia Bharat and a fund backed by Bain Capital and Piramal Enterprises the bankruptcy process.
"I do believe Dalmia will go to the Supreme Court – I do not think it will be possible without a fight," Arsiwalla ad
Binani Industries had sought to obtain the most from the proceedings of the National Company Law Tribunal (NCLT) and a deal with UltraTech would mean no haircuts for creditors.
UltraTech's Rs 7,266 crore ($ 1.01 trillion) This article is only available in French.
Given the valuations that UltraTech is paying for Binani Cement, badyste Arsiwalla said.
($ 1 = Rs 72.12)
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